WOODFOREST NATIONAL BANK HELPS HOGAR HISPANO, INC. COMBAT HOUSING CRISIS WITH $3 MILLION TO SUPPORT SINGLE-FAMILY AFFORDABLE HOUSING

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Apr 03, 2024, 10:00 ET

THE WOODLANDS, Texas, April 3, 2024 /PRNewswire/ -- Woodforest National Bank® recently provided $3 million as an early stage participant in the HHI Facility Pool I created by Hogar Hispano, Inc. (HHI), a 501(c)(3) corporation. The Fund aims to raise $100 million in mission-aligned capital to scale HHI's impactful work of protecting the dream of homeownership for low- and moderate-income (LMI) families and communities across the nation. To date, the Fund has raised $50 million.

"Homeownership continues to be the single, biggest driver of wealth accumulation for most people in the U.S. We are continuously seeking ways to eliminate barriers and make homeownership attainable. This responsive Fund is a great example of how Woodforest National Bank continues to collaborate with community partners like HHI, and leading CDFIs to make homeownership a reality for LMI families and individuals across our footprint," said Daniel Galindo, Senior Vice President, Director of Community Development and Strategic Initiatives, Woodforest National Bank. He continued, "By mobilizing the UnidosUS network HHI acquires and rehabilitates distressed single-family properties to create affordable housing and homeownership opportunities."

HHI, established in 2004 and based in Phoenix Arizona, is led and managed by people of color focused on supporting low-income communities and communities of color who face disproportionate barriers to homeownership. Since 2011, HHI has purchased over $400 million in single-family assets, helping to create or preserve homeownership of more than 3,800 homes nationally, and achieving significant impact in target communities in states across the country and Puerto Rico.

"The lack of affordable housing has devastated the LMI community nationwide. HHI believes we have a pathway to preserve affordable homeownership while simultaneously creating new affordable housing opportunities. With partners like Woodforest National Bank we will be able to start to chip away at this chronic condition that is the lack of affordable housing," said Marcos Morales, Executive Director, Hogar Hispano, Inc.

SOURCE Woodforest National Bank