Midland Housing Finance Corporation Meets For First Time In Three Years 9/4/13
September 4th, 2013
Midland can expect to see even more building as the Housing Finance Corporation got back to work today.
“We talked about short term solutions and long term solutions,” Said Jerry Morales, the president of the board,
In an hour long meeting, the board discussed giving funds to various non- profits and using their remaining money, about $250,000, to increase development of affordable homes.
“Now that we know that we can use these funds for foundations, MISD, internally with the CDBG and not just strictly for down payment assistance or mortagage assistance; I think now we can move these dollars,” Morales said.
David Diaz of the Midland Community Development Corporation attended the meeting. They previously received a loan from the Finance Corporation to build homes. Diaz says he thinks they can provide more loans to the MCDC that will be repaid and possibly borrowed again.
“It makes sense to keep recycling funds, get them paid back and then turn around again and build something new,” Diaz said.
The MHFC will meet again on November 13th.