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A single parent of three children and in need of a home has it tough enough. But when one of the children is fully dependent on caretakers for daily living, the challenges are much greater.
Meet Gloria Quevedo, one such parent whose odds will vastly improve after moving into a new three-bedroom, two-bathroom, 1,175-square foot home. This is her first home. But more important, Ms. Quevedo's house will be accessible for her seven-year-old daughter, Gloria Aurora, who is disabled. As she notes, "Now I will have room for her machines to help her with her disability. Little Gloria is the light of my life and I know that her disability made this possible and I am grateful for this opportunity."
This success story would not have taken place without a public-private partnership and the federal law - the Community Reinvestment Act (CRA) - which triggered it. Ms. Quevedo's family is one of six in the Laredo area participating in the "Six Home Project," an affordable housing program for people with disabilities developed by the Laredo-Webb Neighborhood Housing Services (NHS) in partnership with two banks, including Laredo National Bank.
The Laredo-Webb NHS was established in 1991 to strengthen and revitalize Laredo neighborhoods and Webb County. Its goal is to reverse patterns of disinvestment and deterioration and stabilize the housing stock for the city and colonia areas of the county. Among NHS activities are pre-purchase counseling and post-purchase education through its Home Ownership Center, a revolving loan fund providing credit to lower-income property owners for rehabilitation and down-payment and closing cost assistance.
Begun in 1999, all six affordable homes for disabled residents in the "Six Home Project" will be finished by the end of this year. While the sales price for the homes are $74,200, through partnerships with the two banks and grants and deferred loans from three governmental agencies, Ms. Quevedo mortgage will only be $33,000 after a $1,500 downpayment.
"Without this partnership, it would have been impossible for Ms Quevedo to be able to afford this new home in Laredo," said Angelo Piccirillo, executive director of NHS. "It is very exciting because this home is especially designed for Ms. Quevedo's daughter who is disabled."
John Puig has also played a key role in this project and the successful work of this NHS. Besides serving as the President of the Board of Directors for Laredo-Webb, Mr. Puig is the senior vice president at Laredo National Bank. Mr. Puig states, "I feel fortunate and proud to have been able to be a part of a partnership that has done so much for so many." He goes on to state, "I would like to thank my bank for having given me the time to pursue this partnership."
Partnerships like the "Six Home Project" have been made possible through CRA. The federal law required lenders to think more "outside the box" and develop more creative financing programs and projects. The fruits of this effort include the successful financing of this project.
Piccirillo also credits CRA for much of their success. "CRA has enabled us to assist 750 first-time homebuyers in Laredo to become homeowners. By having a program that permits a three percent downpayment, this has allowed our recipients to successfully qualify for their private mortgages." The 750 new homeowners will generate a projected $211 million over 10 years in economic benefits, and support more than 1,106 annualized full-time jobs.
And just before the 1999 holiday season, Gloria Quevedo's accessible home will be ready for her and her family to move into.
Consumers Union Southwest Office
