In the mid l960s the Federal government encouraged churches to build low-cost housing projects with very small interest loans (the rate was 1%). NTAUUS was established specifically to operate such a low-cost housing project. By 1970 the project was completed in Irving, Texas, and named for Robert Raible, a former minister of First Church, Dallas.
Although a commercial mortgage had to be secured, the Federal government paid all interest over the 1%. All operating costs had to be raised through the rent on the 172-unit complex.
NTAUUS appointed a special nine-member Raible Place
Charitable Trust who hired a commercial management group to do the
day-to-day management. The Raible Place Board was diligent in keeping the project in
good condition, and was even able to hire a social worker and a part-time nurse
practioner who assisted the tenants, many of whom were single mothers or seniors on
government subsidies.
NTAUUS was looking forward to the year 2010 when the
mortgage would be paid and Raible Place would be free of any government restrictions
and would be an asset.
Because Raible Place had been so well-maintained over the years, it was not
surprising that investors approached NTAUUS about the possibility of selling the
project before the mortgage was completely paid. In late 2003 an agreement was
reached, and NTAUUS became the beneficiary of over two million dollars. Most of that
amount was deposited into the already established NTAUUS Endowment Fund. Nearly $150,000 was left as operating funds for the NTAUUS Board.
In
2004, the Endowment Fund was reorganized and guidelines were established as to how
the monies could be spent. A commercial investment firm was hired and the funds have
flourished during the subsequent years.
(This information was provided by Ray Enstam of First Church, Dallas, and Anne
Smith, Secretary of NTAUUS.)
For additional observations on the history, and thoughts on the future, of NTAUUS, read An Address by Mike Elsberry, Association President from 1993 to 2008.
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