Organizations Filed Purposes:
COVENANT WAS FORMED IN 1998 TO ENHANCE THE BEAUTY, SAFETY, AND ECONOMIC VITALITY OF LOW-INCOME COMMUNITIES BY INCREASING THEIR CAPACITY TO DEVELOP AFFORDABLE HOUSING, GROW BUSINESS ENTERPRISES AND BUILD FAMILY AND COMMUNITY ASSETS.
Community Asset Building through financing and development expertise for initiatives that create homes, jobs or educational opportunities for low-income households. Since 2000 Covenant has facilitated the creation of over 500 jobs and 2,073 affordable homes. In 2019 Covenant launched an initiative with Rural LISC, United Way and Red Cross that provided free home rehabilitation for 119 low-income rural homeowners in San Jacinto, Montgomery and Fort Bend Counties affected by Hurricane Harvey. In partnership with Texas Housers and with support from the Texas Organizing Project and the Greater Houston Community Foundation, Covenant also built a prototype adaptive Rapido disaster relief home in Fifth Ward for a Harvey-impacted low-income family with a severely disabled child.
Affordable Multifamily Rental Property In 2010 Covenant was approached by PNC Bank to do a workout as successor general partner on a distressed 128-unit apartment community in Baytown, Texas known as Townhomes of Bay Forest (Bay Forest). The community was built in 2002 for rental to very low-income individuals and families under a previous general partner utilizing affordable housing tax credits from the Texas Department of Housing and Community Affairs under Section 42 of the Internal Revenue Code of 1986, as amended. Covenant obtained a $5,660,000 0% Neighborhood Stabilization Program loan from TDHCA to retire the defaulted mortgage, make capital improvements, build a playground, and lower rents to levels affordable to families earning 50% of the area median income. In 2018, Covenant acquired PNCs limited partner interest in the community.
Family Asset Building through financial education, coaching, savings matches and 0% loans that equip working families to thrive and secure generational resilience by acquiring affordable homes, accessing quality education, managing risk, and building savings for life. In 2019 698 families earning an average $24,000 received financial education and coaching, with 89 families receiving a savings match to buy their first home and 3 to enroll in college, of whom 55% were African American, 33% Latino, 7% Middle Eastern, 4% Anglo, and 1% Asian. Of these families, 25% earned less than 100% of poverty, 53% between 101%-200% of poverty, 20% between 201-300% of poverty, and 2% between 301%-400% of poverty. Five years after purchase, the mean home equity of IDA homebuyers was $75,763, or 78% of US median family wealth.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Stephan Fairfield | President & CEO | 24 | $89,849 |
| Gloria Sanderson | Director | 1 | $0 |
| Eugene Lee | Director | 1 | $0 |
| Karen Becerra | Director | 1 | $0 |
| John Cochran | Chairman | 2 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/202033219349307948_public.xml