Avenue Community Development Corp., PMI Mortgage Insurance Co., and Southwest Bank of Texas dedicated the first home in their collaboration to develop affordable housing in the Near Northside area.

The program combines Avenue CDC's Move Home with PMI's Gateway Cities Initiative and is designed to showcase Houston's support of economic development and affordable housing opportunities for low-income families.

Southwest Bank of Texas, instrumental in bringing the parties together, became the first lender to contribute to PMI's Gateway Cities Initiative.

"Avenue CDC has now rehabbed a number of homes and we have three under way with PMI and Southwest Bank of Texas. Our success is due to our partnerships with companies such as PMI and Southwest band of Texas," said Mary Lawler, Executive Director of Avenue CDC.

The event took place Wednesday, September 26 at 1:00 p.m. in front of the first home rehabilitated as part of the Gateway Cities Initiative program at 4317 Gano Street, Near North side of Houston. The convivial dedication ceremony was replete with Mariachi music and authentic Latino food.

"PMI is in the homeownership business," said W. Roger Haughton, Chairman and CEO of PMI. "Expanding homeownership opportunities for everyone capable of owning a home is what our business is all about. We are very pleased to be working with two such fine partners as Avenue Community Development orp. and Southwest Bank of Texas to acquire and rehabilitate affordable homes in the City of Houston that will be sold to neighborhood families. Homeownership strengthens families, and stronger families build stronger communities."

"Southwest Bank of Texas is committed to projects that will have positive, long-term effects on the neighborhoods in which we conduct business," said Brian Stoker, Senior Vice President of Southwest Bank of Texas. "This is a real-life example of how partnerships with organizations like PMI can make home ownership happen for everyone. We are equally proud to have worked with Avenue Community Development Corporation over the past four years in providing millions of dollars in financing and 70 units of housing for residents of this area."

Houston City Council member Annise Parker spoke at the event along with Maria Martinez, a home recipient of the Move Home program. Ms. Martinez and her two kids moved into their home two months ago, "It is our dream come true. We have a beautiful home and yard in a safe, quiet clean place for my children," said Martinez as she wiped a tear of happiness from her eye.

PMI Mortgage Insurance Co., a leading mortgage guaranty insurance company with an office in Houston, provided $125,000 for an ongoing revolving fund, operated through Southwest Bank of Texas, to purchase and rehabilitate homes in underserved neighborhoods in Houston. Southwest Bank of Texas, the largest independent bank in Houston, is also contributing $25,000 to the project.

Avenue CDC, a Houston-based nonprofit community development group is using the funds to support its Move Home Program, which has renovated 22 homes slated for demolition but instead were donated, rehabilitated and moved to new locations for sale to low-income families.

Southwest Bank of Texas is the largest independent bank-holding company
headquartered in Houston, Texas, with $3.94 billion in assets. The company focuses on commercial, treasury management, private, retail and mortgage banking services to small and middle-market businesses and individuals. The bank has 32 full-service branches located throughout the Houston metropolitan area.

PMI Group, Inc.

PMI Group, Inc.

For more than 30 years, PMI has combined its risk management expertise and financial strength to serve the evolving needs of our customers and the world’s financial markets. PMI's insurance products support the mortgage finance system by providing protection to lenders and investors around the globe in the event of borrower default. By protecting mortgage lenders and investors from credit losses, PMI helps to ensure mortgages are available to prospective homebuyers. Through its strategic investments in the financial guaranty industry, PMI supports the infrastructure on which homeownership depends, including transportation, schools, hospitals, and utilities.

More from PMI Group, Inc.