Dallas expands home buyer assistance program to help renters.
The City of Dallas has expanded a home buyer assistance program to help those who have lived in the city for at least 10 years and may otherwise leave for more affordable suburbs to buy a home. The program uses $1 million from the city’s new equity plan and is one of many programs at the City of Dallas Housing Department. Dallas City Council members have praised the increase in the program and hope it will help those in need.
Real estate professionals Al Herron and his son Al Herron Jr. have long been working in Oak Cliff and have invested in projects such as the Glendale Shopping Center at Marsalis and Ann Arbor. They support the idea of home buyer assistance to help bridge the gap in affordability, but question whether the program can be successful given the income limitations for applicants and mortgage approval standards.
City officials have recruited lenders to help make the program work and have also created other programs such as those targeting people in community development block grant areas, Dallas first responders, and teachers. These programs are designed to give people a chance to buy a home who may not have had the opportunity to do so in the past.
Ultimately, the City of Dallas is hoping that their home buyer assistance program will help people who have been living in the city for a long time, but may not be able to afford a home due to the increasing prices. With the help of lenders, the city is hoping to bridge the gap in affordability and give people the opportunity to buy a home that they may not have had before.
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