ABOUT US - the Past, the Present, & the Future
AAMA
Community Development Corporation
The AAMA Community Development Corporation (AAMA-CDC) was formed in
1988 as a 501(c) (3) non-profit corporation. Our mission & purpose
is to develop neighborhood initiatives in providing housing opportunities,
economic development opportunities and community revitalization efforts,
primarily in Houston's East End. In 1993, the CDC began its operation
in earnest, beginning with our initial $4.5 million Low-Income Housing
Tax Credit project, "Plaza
De Magnolia" .
In 1998 the CDC Board
of Directors launched new initiatives that expanded our presence
into South Texas and other Hispanic communities. That same year we began
growing from a small organization of less than $.5 million asset base
to a current balance sheet of over $20 million in assets. Through a variety
of program initiatives described in these pages, the AAMA-CDC has invested
in the Hispanic/Latino community in the East End area, and throughout
Greater Houston, and in South Texas. In brief terms, we direct, either
as owner, managing partner, joint venture, or limited liability corporations,
housing
developments
and business
initiatives that exceed $27 million in funding.
We value our development
capacity on behalf of the Hispanic Community and already have other
projects in the pipeline in various stages of development:
Las Villas De
Magnolia:
A 116-unit
Senior Citizens' Residential Center to be built in Houston's Magnolia
neighborhood at 72nd & Harrisburg. This state-of-the-art facility
will be the first Seniors Center in the East End. Development will begin
in 2005.
Charter School
Affiliation:
Linkage with a nationally-ranked charter school to develop a Charter
Middle School in Houston's East End with major foundation and TEA funding.
Project commencement expected in 2006 School Year.
Medical Clinic:
Rehab & completion of an existing medical clinic to provide new
services in the East End. Project to start in late 2004.
Affordable Homeownership:
Development of a 24 acre tract in the extended Gulfgate area for construction
of 110 single family home for low and moderate income families. Project
to begin in late 2004.
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