San Antonio Standard

SAN ANTONIO – On June 2, Congressman Joaquin Castro (TX-20) joined Prosper West, Bexar County Commissioner Justin Rodriguez, the San Antonio Area Foundation, and Texas Capital Bank for a ribbon-cutting to celebrate the completion of the first new affordable housing redevelopment under the new Casa Bella program.

 Congressman Castro delivers remarks at the new Casa Bella property

“As San Antonio grows, we need to be intentional about keeping the Westside affordable for the families who have called it home for generations,” said Congressman Joaquin Castro. “Homeownership is one of the most powerful ways for families to build lasting wealth, and every Casa Bella home is an investment in an inclusive future for the Westside. My office is excited to bring new federal funding back home to support the Casa Bella project, and I’m grateful to Prosper West, Commissioner Rodriguez, the San Antonio Area Foundation, and Texas Capital Bank for their commitment to bringing this project to life.” 

The Casa Bella program is designed to maintain affordable housing stock on San Antonio’s Westside. Through the program, neglected, abandoned, or chronically vacant residential properties are acquired, rehabilitated to modern housing standards, and sold to families who earn up to eighty percent of the Area Median Income. 

Last year, Congressman Castro secured $1 million in grant funding for the U.S. Department of Housing and Urban Development to support Casa Bella. Combined with additional funding from the Bexar County Commission, the grant will allow for the rehabilitation of an additional 20+ homes in the area. Texas Capital Bank, which provided funding for the first house under Casa Bella, has extended flexible financing to help support the program through the next 20+ homes. 

“Vacancy leads to vagrancy, and it robs our community of potential housing supply. By restoring these homes and putting them back into productive use, we are able to improve neighborhoods, increase affordable homeownership opportunities, and bring families back to the Westside,” said Prosper West President and CEO Ramiro Gonzales. “Building a new house is much more economical than rehabbing existing ones, but if we want our neighborhoods to maintain their character and still serve our housing needs, we have to do the work that the private market will not deliver.”

“The Westside is one of San Antonio’s most revered cultural hubs, with a deep history of resilience, and a perfect place to provide families an opportunity to make ‘a home.’ We know that stable housing is what can change people’s lives and their trajectory of what is possible. On behalf of our board of directors and staff, we are delighted to provide catalytic support for this transformational work in providing affordable housing – one casa bella at a time!” said Patricia Mejia, Vice President of Community Engagement and Impact at the San Antonio Area Foundation. 

“Affordable housing is a growing crisis in San Antonio, and Texas Capital Bank is proud to partner with Prosper West on this project to benefit the families in this community,” said Ricky Maldonado, San Antonio Market President for Texas Capital Bank.  

Thanks to a grant from the San Antonio Area Foundation, the John L. Santikos Fund, and interim financing from Texas Capital Bank, the property that opened today on West César E. Chávez Boulevard was purchased this past November. Built in 1960, the ranch-style 2-bedroom/1-bath house underwent a full transformation, bringing the property up-to-code, with fresh updates and energy-efficient upgrades. With a large backyard available for expansion and within walking distance of De Zavala Elementary School, this property is ideal for a starting family. Total project costs, including acquisition, totaled just over $210,000, but thanks to the Area Foundation grant, the home will be sold affordably for under $170,000.

Original source can be found here.