As home prices soar in North Texas, especially in Dallas, the city of Dallas has expanded a home buyer assistance program.
Here is a link to the program details and application.
It is one of many programs at the City of Dallas Housing Department.
It uses $1 million from the city’s new equity plan to boost people and neighborhoods that suffered inequity in the past.
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The new program targets renters who’ve lived in the city of Dallas for at least 10 years and may otherwise leave for more affordable suburbs to buy a home.
“I applaud you for this increase and I look forward to it going to the hands of people who have been here in the city of Dallas,” Councilman Jesse Moreno told housing officials Monday.
Dallas already had home buyer assistance programs targeting people in community development block grant areas and targeting Dallas first responders and teachers.
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“This program, and it’s about homeownership, is such a potentially huge win for the citizens of Dallas,” Council Member Jaynie Schultz said.
Realtor Al Herron and his son Al Herron Jr. are long-time real estate professionals working in Oak Cliff.
One example of their effort to boost the community is their investment in the Glendale Shopping Center at Marsalis and Ann Arbor.
“Our young people, we want them to live in our city and not to get an education and they are gone,” Al Herron Sr. said.
Both said they support the idea of home buyer assistance to help bridge the gap in affordability.
“It’s a big challenging endeavor,” Al Herron Jr said.
However, they question whether this program can be successful given the income limitations for applicants and mortgage approval standards.
“The person making 50% of the average median income for the area does not make enough to qualify,” said Al Herron Jr.
City officials said they have recruited lenders to help make the program work.
