The Community Development Corporation of Brownsville (CDCB) is a private, 501(c)(3) non profit community housing development organization (CHDO). Founded in 1974, CDCB has been providing safe, sanitary affordable housing to the citizens of Brownsville, Texas for the past 35 years. CDCB is the one of the largest non-profit producers of single-family affordable housing for homeownership in the State of Texas. CDCB is governed by a 13 person community based Board of Directors that serves on a volunteer basis to determine policy for the Corporation. CDCB serves the southernmost area of the United States – Cameron and Willacy Counties, Texas, which shares its border with Mexico on the south, and the Gulf of Mexico on its east.

CDCB's mission is to assist low-income families in attaining home ownership through below market financing, quality construction, the use of efficient home designs, and targeted outreach. CDCB is able to provide safe, sanitary, affordable housing to families earning as little as $8,000 per year.

CDCB has been the recipient of numerous national affordable housing awards, including being a Recipient of the Maxwell Award of Excellence; a Maxwell Award of Excellence Finalist; and recipient of the Federal Home Loan Bank System Community Partnership Award. CDCB has also been recognized with the State of Texas Housing Finance Agency Special Achievement award.

Since 1974, CDCB has been the major sub-recipient of over $60,000,000 in Federal, State, and local funds made available for housing in Southern Cameron County. CDCB has managed numerous federally and privately funded housing programs including HOME, CDBG, Rental Rehabilitation, HODAG, FMHA, Section 312, HOPE II, CASA, Youthbuild, HUD Rural & Economic Development, HUD Colonia Initiative; USDA Empowerment Zone, USDA 523 Mutual Self Help, Stuart B. McKinney funds, Americorp, Department of Labor, State of Texas Housing Trust Fund and SECO programs. Private sector and foundation support has come from the Federal Home Loan Bank of Dallas; H.B. Heron, Fannie Mae, JP Morgan Chase, Hispanic Housing, and Bank of America foundations; the HOME Depot, Sisters of Charity, Washington Mutual and Wells Fargo Bank.

CDCB is also an approved FHA Title I & Title II Direct Endorsement lender; a Fannie Mae approved seller/servicer; and Rural Development lender. Since 1999 CDCB has originated and sold into the secondary market over $100 million in First Lien Mortgage Loans utilizing State of Texas and Cameron County Housing Finance Corporation Single Family Mortgage Revenue Bonds, USDA Rural Development. CDCB is also an approved lender with Wells Fargo Home Mortgage – Wholesale. Virtually all first lien loans originated by CDCB are to Hispanic families below 80% AMFI.

CDCB has an operating budget of roughly $1.5 million and employs a full time staff of 25 professionals. CDCB develops, finances, coordinates, supervises, and guarantees all new housing and rehabilitation construction.

CDCB has had considerable experience in all aspects of housing development. From its beginnings to eliminate “pit privies” within the city of Brownsville 35 years ago, CDCB has evolved into the largest producer of single family housing for homeownership in the State of Texas. CDCB operates six housing and educational programs to meet the needs of Cameron County residents.

Since 1999-2000 the Community Development Corporation of Brownsville has built and/or mortgage financed 1,766 affordable homes in the Southern Cameron County area. In 2008–2009, CDCB delivered 90 affordable homes into the local market. Over the past 10 years CDCB averaged 176 units per year.

FINANCIAL INFORMATION

CDCB has increased net assets from $24,397,774 in 2000 to over $29,633,958 in 2008.

CDCB’s historic financial ratios over the last three years:

CDCB’s Cash and Cash equivalents have increased from $2.98 million at year-end 2000 to $6.56 million at year-end 2008, with total liabilities decreasing from $12.6 million to $9.76 million during the same period. Investment in homes and projects has increased over the same period from $4.82 million to $11.78 million. Accounts payable increased from $228,986 to $474,136 over the same period.

CDCB’s net cash flow used by operating activities was $690,730 in 2008 and $1,017,140 in 2007; net cash used by investing activities was just 1.2 million in 2008 and $2 million in 2007.

New grants secured in 2008 totaled $2.4 million, with grants being received from Federal (HUD RHED; Housing Counseling); State of Texas; Wall Mart, Bank of America, and JP Morgan Chase.