At Harris County Housing Finance Corporation (HCHFC), we believe that every family deserves the opportunity to achieve the dream of homeownership. In 2020, we pioneered a partnership with the Texas Department of Housing and Community Affairs (TDHCA). The groundbreaking program has been a cornerstone of our shared mission and opened doors for hundreds of first-time homebuyers across Harris County.
Through the innovative Single-Family Mortgage Private Activity Bond Assignment program, we’ve expanded affordable mortgage opportunities for low-to-moderate income families, strengthened neighborhoods, and made homeownership more accessible than ever. The program helps first-time, low- to moderate-income homebuyers access affordable mortgages by using tax-exempt private activity bonds (PABs). HCHFC assigns its allocation of bonds to TDHCA, which then uses those bonds to provide below-market mortgage interest rates and downpayment assistance through its statewide programs (such as My First Texas Home).
The Single-Family Mortgage Private Activity Bond Assignment program has expanded affordable mortgage opportunities for over 600 low-to-moderate income families, strengthened neighborhoods, and made homeownership more accessible than ever for first-time homebuyers across Harris County.
Program Results (2020–2025)
- $294.3 million in bonds assigned to TDHCA
- 630 families purchased their first homes in Harris County
- 76 percent of households earn $80,000 or less annually
- 72 percent of new homeowners are from minority households
- Average FICO score: 687 | Average age: 35 years | Average household size: 3
National housing research shows affordability challenges continue to rise. According to the Harvard Joint Center for Housing Studies, homeownership rates recently declined for the first time in eight years due to:
- Elevated interest rates
- Rising home prices and property taxes
- Limited supply of inventory
But Harris County is bucking these national trends. Our program delivers below-market interest rates and meaningful downpayment assistance:
- TDHCA program rate (Aug. 2025): 5.75% vs. 6.375% market rate (difference: -.63%)
- In addition, buyers benefit from 3%–4% downpayment assistance (structured as a repayable second lien due at refinance or after 30 years)
Local Impact
- Precinct 3 has seen the largest share of first-time homeowners, with 61.3 percent of loans issued, followed by Precinct 4 with 22.4 percent.
- Top communities by loan activity include:
- Spring — 27%
- Katy — 20.3%
- Humble — 17.5%
Affordable homeownership is more than a milestone—it’s the foundation for long-term stability. Owning a home gives families the chance to build equity, a stronger connection to their community, and even the ability to set up future generations for success.
The results of the Harris County HFC–TDHCA partnership are clear: affordable homeownership opportunities change lives, support diverse families, and build stronger communities. With hundreds of families already achieving their first home purchase, we are proud of the progress made—and equally aware of the work that remains.
As home prices, interest rates, and affordability challenges continue to evolve, HCHFC remains steadfast in its mission to provide accessible mortgage products, meaningful downpayment assistance, and sustainable pathways to homeownership. Together with our partners, we are building more than homes—we are building the foundation for long-term stability, equity, and opportunity across Harris County.
The results of the Harris County HFC–TDHCA partnership are clear: affordable homeownership opportunities change lives, support diverse families, and build stronger communities. With hundreds of families already achieving their first home purchase, we are proud of the progress made—and equally aware of the work that remains.
As home prices, interest rates, and affordability challenges continue to evolve, HCHFC remains steadfast in its mission to provide accessible mortgage products, meaningful downpayment assistance, and sustainable pathways to homeownership. Together with our partners, we are building more than homes—we are building the foundation for long-term stability, equity, and opportunity across Harris County.