McAllen Affordable Homes (MAHI) has been developing land, building, selling and financing affordable homes in McAllen, Texas since 1976 when it was created by the City of McAllen to foster the development of affordable housing. Since its creation MAHI has helped more than 2500 families become homeowners. Though it is an independent entity, it works closely with the City, and receives much of its total revenues from the City's allocations of HOME and CDBG funding.
- Land Development: MAHI acquires raw land for subdivision, develops and gets approval for the subdivision plan and the infrastructure improvements, and builds out the infrastructure so that the lots are ready for housing construction
- Construction and Rehabilitation: Most of MAHI's development involves new construction of single family homes in MAHI developed subdivisions.
- Homebuyer Counseling & Home Sales: MAHI provides homebuyer seminars, fairs and one-on-one counseling to educate and assist families to become homebuyers.
- Mortgage Lending: MAHI uses flexible underwriting criteria and the loan structure that has been described above to select borrowers and structure loans to meet their needs.
- Loan Servicing: MAHI currently services approximately 1500 loans on properties that it developed and roughly 500 loans that it is servicing under contract for others.
As a mortgage lender, MAHI provides flexible underwriting criteria and serves very-low income households. Currently, MAHI serves families earning on average less than 50 percent of the area median income. Single-parent households, primarily headed by women, comprise over half of MAHI's clients. To facilitate homeownership, MAHI maintains all decision making at the community level. On-staff loan officers regularly underwrite all loan applications. MAHI's executive committee reviews loan applicants on a monthly basis.
- Provided safe and affordable housing to over 2,500 low-income families in McAllen, Texas
- Capitalized and grown a $25 million affordable housing loan fund
- Maintained a low delinquency rate averaging less than five percent
- Implemented a Section 8 Homeownership Project
- Constructed accessible homes
- Constructed on average over 100 new homes per year
- Served families earning on average less than 50 percent of the area median income
- Foreclosed on only three homes during MAHI's existence
- Created a direct economic output of $16 million
- Generated and sustained over 140 jobs