Housing Development Breaks Ground

May, 2002

City of Midland, Wells Fargo Help Fund Affordable Housing Venture

MIDLAND – Construction will begin in mid-June for an affordable housing project in Midland that is part of a downtown revitalization plan, according the David Diaz, executive director for the Midland Community Development Corp. The project will take a year to complete. A groundbreaking ceremony will be held on Tuesday, May 28 at the site for the new homes, 500 N. Fort Worth St. in Midland. It will begin at 1:30 p.m. and the public is invited to attend.

Twelve single-family homes will be located on a city block bound by Dallas, Fort Worth, Tennessee and Michigan streets. Valued at $60,000 each, the homes will have 1,250 square feet of living space including three bedrooms, two full baths and a garage. “These new homes will provide much needed affordable housing to Midland residents and is an integral component of the revitalization of Downtown Midland,” Diaz said. “We have been working with the City for the past six months and appreciate their support.”

The City of Midland donated the city block and also contributed $25,000 for administrative costs for the project and Wells Fargo donated $10,000 to the project and will fund the interim construction, according to Leticia Gonzales, chairman of the board of the Midland Hispanic Chamber of Commerce. The MCDC is a Texas corporation founded by the Midland Hispanic Chamber of Commerce.

Wells Fargo Home Mortgage will hold the properties’ first mortgages –each $45,000. The City of Midland will hold the second mortgage – $15,000 – and will pay them off if owners live in the homes for at least 10 years. “We appreciate the efforts of MCDC to revitalize downtown Midland, and give more Midland citizens the opportunity to achieve the American dream of homeownership,” said Ron Mullins, president of Wells Fargo in Midland.