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ABOUT CATHOLIC CHARTIES - CDC

In 2007, when Independence Heights stood alone as the only community in which no partner could be found to take on the responsibility for new home construction, the City of Houston approached Catholic Charities. In response, Catholic Charities formed a partnership with the Stanley Group (a member of the Marek Family of Companies) and submitted a proposal to build in Independence Heights. This proposal was approved by the City in late 2007, after which the agency created its Affordable Home Ownership Initiative and formed the Catholic Charities Community Develop Corporation, which is operating with a goal of supporting the revitalization of Independence Heights by building homes priced within the means of roughly half of the current residents of the community (thereby limiting the potential for gentrification and preserving the ability of long-term residents to remain within a community that their grandparents settled in 1908).

The construction of the CDC's homes began in February 2008, with the expectation that twelve to fifteen homes will be built and placed for sale in each of the next three years. Currently, plans call for the Independence Heights homes to be priced in the low 100's with up to $30,000 of down payment assistance made available to qualified low-income homebuyers. These very modest prices are made possible by The Stanley Group's tight control of expenses and by their willingness to forgo profits.)

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