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Goal 4: Revitalizing Strategic Community Areas
One goal of the Chamber’s Strategic Economic Development Plan is to increase home ownership in the City of Waco by 25 percent by 2010.
The City and several non-profit agencies are increasing the inventory of affordable inner-city housing.
Waco Community Development Corporation
The Waco Community Development Corporation is focusing its efforts on the 20-square-block Brooke Oaks area where significant development is taking place.
Waco CDC broke ground on their first home in 2002 and since then can boast 34 new homeowners, 14 new homes and six rehabilitated homes. More than 395 families have received home ownership counseling through the program.
Home ownership creates a sense of security and fosters a social network creates a safer, cleaner environment for families. No one is a stranger in this area since newcomers are welcomed.
“We’ve seen a 195 percent growth in housing starts between 2000 and 2005 in Waco Independent School District, and a large portion of that has been due to the partnership between the city and these non-profits.”
Melett Harrison
Economic Development Program Administrator - City of Waco |
NeighborWorks Waco
NeighborWorks Waco serves all of McLennan County by helping first-time homebuyers. The organization, which is part of a national organization, completed more than 10 homes in 2006 with 13 more under construction. The total construction investments year-to-date is $1.325 million.
The organization also offers credit counseling, pre- and post-purchase education, lending options and home building - selling 20 to 25 homes each year at market value to fund its other programs.
Waco Habitat for Humanity
Waco Habitat for Humanity was founded in 1986 as an affiliate of the international organization. Waco Habitat will celebrated its 20th anniversary with the construction of its 100th house last fall. The organization has partnered with more than 90 low-income families to help them attain affordable housing.
Rebuild Together
Rebuild Together is another non-profit organization that helps the low-income population make their homes livable. With only a minimal amount of federal funding, Rebuilding Together relies primarily on donated materials and volunteer labor.
Low-income homeowners can apply for home repairs through the program, and handicapped residents of all ages can have their home modified for wheel chair ramps, wider doors, grab bars and handrails, if they own their home.
City of Waco
The City of Waco also has implemented about 15 programs to encourage home ownership.
The seven-year fixed tax abatement program is available to exisging homeowners who invest $30,000 or more in improvements or new construction that appraises for $90,000 or more. The abatement equals about 5.5 percent savings making more homebuyers eligible for a mortgage loan or to qualify for a slightly larger home.
The city also encourages the purchase of tax-foreclosed infill lots within the city. The buyer pays the higher of $100 or the court costs, which are anywhere from $200 or $500. Most of these lots are worth $2,000 to $4,000. If a home is built on the lot, the City will waive permit and tap fees.
The foreclosure lots can only be purchased under this plan to build a home and not for investment purposes. Certain other restrictions may apply for the city’s programs. Visit www.waco-texas.com for more information.
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