Independent Banker - September 2022 - 68

CONNECTIONS TRAILBLAZER
" Generational wealth typically
starts with home ownership. The
largest purchase families make is
typically their home. "
DOUG SCHAEFFER, WOODFOREST NATIONAL BANK
" We look at all the tools we have, and
we approach this so we can get the
tough things done to make a direct
impact and a difference, " he says.
" We work to identify what's keeping
people from becoming a homeowner,
so they can start building some equity,
especially with prices skyrocketing
as we've seen in the past two to
five years. "
Maximizing NOAH
This initiative is only one of the
programs that reflect Woodforest's
ongoing commitment to affordable,
inclusive housing. Earlier this
year, the community bank was an
anchor investor of patient capital in
community housing access through
the Austin Housing Conservancy
Fund (AHC), a private equity fund
owned and managed by the nonprofit
Affordable Central Texas. The mission
of AHC is to retain naturally occurring
affordable housing (NOAH) for
essential workers in Austin, Texas, an
area that was recognized in May 2021
as the fastest-growing metropolitan
area in the United States.
AHC ensures the availability of
affordable housing, revitalizing
properties for first responders, nurses,
teachers and other middle-income
workers who make up a crucial part of
the greater Austin community.
" Woodforest Bank was a catalytic
investor in the Austin Housing
Conservancy Fund that helped to
bring the fund out of the pandemic
and lead other banks to invest with
us, " says David Steinwedell, CEO
and founder of Affordable Central
Texas. " The bank recognized the
dramatically growing need for
affordable housing in greater Austin
and through its leadership, has helped
the fund to more than double in size
in six months. "
Affordable housing shouldn't be
siloed out. That's why HPF FlexCap
also supports another innovative
solution: additional affordable
housing and workforce housing
stock by mission-based developers,
which creates an opportunity not
only for economically sustainable
housing development but for true
community building.
" We're really proud of that
program, because we can scale, and
it acts as equity mezzanine debt, "
Galindo says. " And we don't know
of any other bank that is currently
doing it yet, but I think they will in
the future, because there's a huge
opportunity there, not just from an
economics perspective, but from an
impact perspective.
68 Q ICBA Independent Banker Q June 2022
September 2022
" We can't stay separate, " he adds.
" That's not the intent. Mixed-income
development creates a lot of power for
homebuyers of every socioeconomic
status, if you will, to blend into one
community. It's about bringing people
from all walks of life together to
coexist and thrive together. "
Affordable housing: Just
the beginning
By looking at the needs of each
community and seeing the patterns
and trends, Woodforest National
Bank is looking to solve the
affordable housing crisis holistically.
Its award-winning program, the
Woodforest Foundry, connects
entrepreneurs with mentors
and resources to empower local
businesses to actively participate in
community revitalization.
" We're looking at all the tools in
our toolkit, from opportunity zones
to job creation, " says Schaeffer.
" We've got so many initiatives, but
it is all community-centric, all local.
It's being responsive to the needs
and taking the tools we built-and
those we'll continue to build-to help
underinvested communities lift up. "
Aileen McDonough is a writer
in Connecticut.
Independent Banker - September 2022

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