The city of Dallas expanded its homebuyer assistance program as home prices soared in North Texas, especially in Dallas.
Here are program details and links to applications.
This is one of many projects by the City of Dallas Housing Department.
It uses $1 million from the city’s new equity program to improve people and communities who have suffered inequities in the past.
The new program is aimed at renters who have lived in the city of Dallas for at least 10 years and might otherwise move to more affordable suburbs to buy a home.
“I applaud you for this increase, and I look forward to it reaching the people of the city of Dallas,” Councilman Jesse Moreno told housing officials Monday.
Dallas already has a homebuyer assistance program in place for people in the Community Development Block Grant area, as well as Dallas first responders and teachers.
“This plan, and it’s about homeownership, is a potentially huge win for the citizens of Dallas,” said council member Jaynie Schultz.
Realtor Al Herron and his son Al Herron Jr. are longtime real estate professionals working in Oak Cliff.
An example of their efforts to promote community development is their investment in the Glendale Mall in Marsalis and Ann Arbor.
“Our young people, we want them to live in our cities, not get an education, but they’re gone,” Al Herron Sr. said.
Both said they supported the idea of homebuyer assistance to help bridge the affordability gap.
“It was a very challenging endeavor,” Al Herron Jr said.
However, they questioned the success of the scheme given applicants’ income constraints and mortgage approval criteria.
“Someone earning 50 percent of the median income in the area is not earning enough to qualify,” Al Herron Jr said.
City officials said they have enlisted lenders to help implement the program.