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Cornerstone Assistance Network
3500 Noble Avenue, Fort Worth,
TX 76111
Phone: 817-632-6000
Fax: 817-632-6001
Email: info@canetwork.org


Housing Development


Cornerstone's Housing Division is involved in new home building, renovations, and community revitalization. Our goal is to restore and revitalize communities by providing decent and affordable housing to low and moderate income families, while partnering with area churches, businesses, and other community organizations.
 
Beyond providing safe, decent, and affordable housing, Cornerstone’s mission is to help low-income individuals rise above their circumstances. We believe homeownership is a powerful means to reinforce financial responsibility and a more stable life. These are critical elements to overcoming poverty and fostering a healthier, more productive community.
 
If you are interested in volunteering with one of our housing projects, please contact Philip Posey.
 
Cornerstone currently has three housing projects in existence and development:
 
Spanish Gardens Condominiums
Cornerstone’s long-term, multifaceted efforts to help homeless, low-income individuals and families burdened by impoverished living standards has revealed gaps in permanent housing for 1- and 2-bedroom homes. The Veterans Administration acknowledges this critical need for permanent 1-bedroom housing as well. Condominiums are a good fit. Given the availability of Spanish Gardens condominium units--located in the Ridglea Hills area of Fort Worth--plus revitalization needs in that community, Cornerstone obtained funding to acquire 17 condo homes for re-habitation.
 
Cornerstone’s condominium housing model projects homeownership within a 10 year term. Monthly payments are structured to be nearly the same as a rental payment. To ensure homebuyers are equipped to succeed in this process, qualified buyers must agree to case management or mentoring that includes essential budgeting and financial management skills. This model provides an affordable means for low-income individuals an opportunity to own a home in a short time while building financial security to rise out of poverty. Beyond benefits to the individual, our mission will revitalize the community and positively impact the surrounding area.
 
There are about 15 more condominiums that are potentially suited to Cornerstone’s housing model. With additional seed-funding these units could be acquired by the end of 2014. By converting excess vacancies into needed homes, maximum benefits are achieved; increased momentum for revitalization, advances in completion of property improvements, increased overall quality of life for the residents, reduced average operating costs and lower association dues. Additionally, the increased interest in the property will increase value- to the homeowners and community at large.
 
The Cornerstone condominium housing model has great potential to be self-sustaining. Given a base of 25 to 30 units, we estimate 60 to 80 people will have a home of their own. Revenue from these units will reduce or eliminate the need for external funding to sustain the division while acquiring additional properties at a pace that better meets immediate housing needs in our community.
 
 
Polytechnic Houses
Cornerstone acquired two vacant lots in the Polytechnic area of Fort Worth and is building two new homes on these lots. These houses will be for sale to low to moderate income first-time homebuyers who have taken a HUD approved First-Time Homebuyers Class. The homebuyers will receive some down payment assistance. This project is funded by Federal funds through the Housing and Urban Development agency and has certain restrictions and requirements. The first house is expected to be "in the dry" by December 10, 2014.
 
Bank of America Houses
In 2013 Cornerstone partnered with Bank of America to renovate four houses throughout Tarrant County. Bank of America provided Cornerstone with four houses for renovation. The renovative process included new heating/airconditioning, new appliances, new flooring, new bathrooms, new kitchens, foundation work, and water heaters. Some of the houses also received new windows, updated electrical, roofs, and plumbing. These homes were sold to first-time homebuyers at below market rates between $47,000 and $65,000. In the upcoming year, Cornerstone hopes to partner again with Bank of America in providing more opportunities for first-time homebuyers to buy their first home. Continue to visit our website for updates.
 
For questions about Housing Development, please contact Director of Housing, Philip Posey.