Dallas Neighborhood Homes recently announced that is has partnered with Dallas Area Habitat for Humanity and Nexbank to increase home ownership in Southern Dallas. The non-profit mortgage services provider intends to institute an Affordable Housing Loan Program, which will benefit hundreds of families in the city. The program’s objective is to avail at least 100 loans every year to low-income residents of Southern Dallas.
The two organizations have already roped in local bank, NexBank. The institution will avail loans worth 50 million dollars in support of the program. These loans will be provided for a period of five years. Proceeds of the loans will be used by Dallas Neighborhood Homes to make mortgages accessible to low-income residents who wish to own homes. In addition, they will undergo financial counseling so that they are prepared for home ownership. Apart from providing the mortgage lending capital, the bank will pay off the title fees for all closings that will be completed through its affiliates.
While welcoming the partnership, Dallas Area Habitat for Humanity’s Senior Vice President Mark Tribuna expressed his delight by stating that the home ownership dream in the city will soon be a reality. Dallas has one of the lowest home ownership rates in the US. The program will therefore, go a long way in addressing the housing problem directly. By enabling more residents to own homes, the three firms will increase the quality of life among low-income Dallas residents.
The bank has distinguished itself in the banking sector by providing exceptional commercial banking, investment banking, and mortgage banking solutions. In addition, it provides custom-made corporate advisory services. The bank’s clients include corporations, middle-segment companies, banks, institutional clients, and real estate investors. It combines industry expertise and competence in its operations. Shrewd leadership provided by its chairman James Dondero has seen NexBank become one of the leading players in the financial services industry.
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