Covenant Community Capital Corporation

COVENANT EQUIPS ASPIRATIONAL WORKING FAMILIES TO THRIVE AND SECURE INTERGENERATIONAL RESILIENCE BY ACQUIRING AFFORDABLE HOMES, ACCESSING QUALITY EDUCATION, MANAGING RISK, AND BUILDING SAVINGS FOR LIFE.

AFFORDABLE FAMILY TOWNHOME RENTALS IN 2010 PNC BANK APPROACHED COVENANT TO DO A WORKOUT ON A DISTRESSED 128-UNIT APARTMENT COMMUNITY BUILT IN 2002 IN BAYTOWN, TEXAS KNOWN AS TOWNHOMES OF BAY FOREST (BAY FOREST). COVENANT OBTAINED A $5,660,000 0% NEIGHBORHOOD STABILIZATION PROGRAM LOAN FROM TDHCA TO RETIRE THE DEFAULTED MORTGAGE, MAKE CAPITAL IMPROVEMENTS, BUILD A PLAYGROUND, AND LOWER ALL RENTS TO LEVELS AFFORDABLE TO FAMILIES EARNING 50% OF THE AREA MEDIAN INCOME. IN 2018, COVENANT ACQUIRED PNCS LIMITED PARTNER INTEREST IN THE COMMUNITY. COVENANT STAFF LIVE ONSITE AND PROVIDE AFTER SCHOOL, SUMMER, AND HOLIDAY FAMILY PROGRAMMING. IN 2021 A NEW PARTNERSHIP WITH TARGET HUNGER BEGAN TO ENABLE FAMILIES TO SAVE GROCERY MONEY TO PUT TOWARD EMERGENCY SAVINGS AND POTENTIAL HOME OWNERSHIP.

FAMILY ASSET BUILDING THROUGH FINANCIAL EDUCATION, COACHING, SAVINGS MATCHES AND 0% LOANS THAT EQUIP WORKING FAMILIES TO THRIVE AND SECURE INTERGENERATIONAL RESILIENCE BY ACQUIRING AFFORDABLE HOMES, ACCESSING QUALITY EDUCATION, MANAGING RISK, AND BUILDING SAVINGS FOR LIFE. IN 2021 609 FAMILIES EARNING AN AVERAGE $29,828 RECEIVED FINANCIAL EDUCATION, 678 FINANCIAL COACHING, AND 42 A SAVINGS MATCH TO BUY THEIR FIRST HOME, OF WHOM 62% WERE BLACK, 31% LATINO, 2% ANGLO, AND 5% MIDDLE EASTERN/NORTH AFRICAN. OF THESE, 29% EARNED LESS THAN POVERTY LEVEL, 52% BETWEEN 101%-200%, AND 19% BETWEEN 201-300% OF POVERTY. FOR THOSE PURCHASING A FIRST HOME, COVENANT LEVERAGED ITS SAVING MATCHES BY FACILITATING AN ADDITIONAL $674,469 IN DOWN PAYMENT AND CLOSING COSTS ASSISTANCE FOR THESE CLIENTS, PAID. FIVE YEARS AFTER PURCHASE, THE MEAN COVENANT HOMEBUYER EQUITY WAS $107,964, OR 89% OF US MEDIAN FAMILY WEALTH.

COMMUNITY ASSET BUILDING THROUGH FINANCING AND DEVELOPMENT EXPERTISE TO CREATE HOME OR JOB OPPORTUNITIES FOR LOW-INCOME FAMILIES. SINCE 2000 COVENANT HAS FACILITATED THE CREATION OF 700+ JOBS AND 2,243 AFFORDABLE HOMES, AND RESTORATION OF 323 STORM DAMAGED HOMES. IN 2021: OUR FINANCING OF GRACE FREIGHT ACHIEVED 20 BUSY TRACTOR-TRAILER RIGS AND 117% OF THE 24 NEW JOBS SOUGHT FOR EX-OFFENDERS; ASSISTANCE PROVIDED TO UP CDC BORE FRUIT WITH THE EAST END MAKER HUB, TEXASS LARGEST, ANCHORED BY TXRX; AND A COVENANT INITIATIVE COMPLETED A 7-YEAR EFFORT TO CREATE A 112-UNIT SENIOR-LIVING COMMUNITY AND CLINIC FOR MONTROSE CENTER, CONTINUED ASSISTING FORT BEND WOMENS CENTER IN REDEVELOPMENT OF ITS RIO BEND COMMUNITY, AND OVERCAME SUPPLY-CHAIN AND INFLATION CHALLENGES TO COMPLETE IN MAY 2022 AN AMENITY-RICH AFFORDABLE COMMUNITY IN DOWNTOWN HOUSTON FOR 120 WORKING FAMILIES.