Owning a home is a big responsibility and can be one of life’s biggest accomplishments. This ownership shows proof of a person’s success in life and that they’ve made good decisions throughout their adult years. Unfortunately everyone doesn’t or won’t be able to own a house no matter how hard the individual works. This is the case in today’s society and the nation’s current economic situation plays a huge role in deciding a person’s fate. The City of Dallas is about to shake things up and will be offering solutions for lower income residences who reside in specific zip codes of the city’s Southern Region.
The Affordable Housing Loan Program is designed to help people with limited access to mortgage coverage, purchase homes of their own. The project will extend for five years and is looking to provide 100 or more loans for each year of service. Habitat For Humanity and Dallas Neighborhood Homes have teamed to put the plan into action and will be offering free services such as counseling and support for the new homeowners, which makes the transition easier.
Of course this plan won’t work is there is a lack of funding and that’s where NexBank steps into the picture. Being such a powerful financial institution of banking, NexBank is looking to provide up to $50 Million in loan support. This action will set the ball in motion as it will individuals/families the financial support that’s been lacking. NexBank has extensive knowledge of the field and specializes in mortgage banking. As of 2016, the bank had an estimated $3.5 Billion in assets which is more than enough to support the program. With these three prominent organizations teaming up, the fight against lower income/poverty areas will surely succumb to the programs success. Now people will be able to live a much higher quality of life that’s safer and more fulfilling.
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