The City of Dallas is making changes for the better in specific areas of the city. Lower Income Families are prevalent in Southern Dallas and with a depressed economy, people just cant afford to purchase a homes. Luckily, Dallas is about to reinvent itself and introduce an all new way that gives families a chance to own a home. The name of the program is “The Affordable Housing Loan Program.” This program consists of three organizations that are working together to make owning a home more affordable.Habitat For Humanity, Dallas Neighborhood Homes, and NexBank are working hand to hand to make this a reality.
The two non-profit organizations are connecting lenders with buyers, which would otherwise be unsuccessful at this point in time. Owning a home comes with it’s day to day challenges and these organizations are providing counseling and support throughout the term. The goal is to provide over 100 loans each year for the next five years. Since these loans are for low income individuals, funding is the main barrier and that’s where NexBank enters the equation. NetBank is a successful regional bank in the Greater Dallas Area. This institution is willing to provide up to $50 Million in loan support. The proceeds will go to people with limited access to mortgages and the non-profit organizations will handle the disbursements. It’s a win, win situation on both sides especially from NexBank.
Now families in certain Dallas zip codes will be proud, new homeowners. On top of that, Nexbank will be offering an additional $2,000 for closing costs. This great program is improving the quality of life and the entire blueprint should be used a s a model throughout the country.