Dallas Neighborhood Homes Partner with Local Bank to Offer Affordable Housing Program
Dallas Neighborhood Homes, NexBank and Dallas Area Habitat for Humanity are pleased to announce a partnership that aims to offer affordable homes to the residents of southern Dallas. Dallas Neighborhood Homes is a prominent nonprofit outfit that provides mortgage services in Dallas, Texas.
Details of the Program
The new program will be dubbed Affordable Housing Loan Program. It plans to provide over 100 loans per annum to low income families in Dallas. It will run for the next 5 years.
NexBank, a regional bank based in Dallas, has agreed to provide loans that will be used to finance and support the program’s expansion over the next 5 years. The bank has committed up to $50 million to the program. This money will go a long way in supporting low income families to purchase homes.
Often, low income homebuyers have a limited access to loan facilities like mortgages, which locks them out of the housing market. On top of providing mortgage loans, NexBank will cover title fees for purchases that are closed through its affiliate.
Mark Tribuna, a senior VP at Dallas Area Habitat for Humanity expressed how grateful his organization was to NexBank for agreeing to finance the home ownership program. He added that currently, North Texas has relatively poor home ownership rates compared to other states in the country.
Matt Siekielski, an Executive VP and COO at NexBank said that the bank was proud to support the two organizations because they both have a good track record of assisting low income families secure homes in North Texas.
NexBank provides the North Texas community with services like mortgage banking, institutional services and commercial banking. It is a regional based bank that has assets worth $3.6 billion. It serves a variety of clients including financial institutions, institutional clients and corporations. NexBank SSB is an affiliate company of NexBank Capital Inc.