Like other parts of the country, Dallas is experiencing a boom in its housing market. Demand is surging, inventory is depleting, and median home prices are skyrocketing. This may seem like great news for some, but homeownership is out of reach for many moderate and low-income Texans.
Add in the increasing swirl of news surrounding outrageous property tax increases, the shrinking inventory of available homes, and memories of the housing bubble bursting, and it is easy to see why potential low- and moderate-income homebuyers might still have reservations about homeownership.
Knowing that access to homeownership is more important than ever in bringing back lost purchasing power, tax base, and associated neighborhood stability, Dallas Area Habitat for Humanity created a separate nonprofit mortgage company called Dallas Neighborhood Homes in 2016.
We follow a simple theory that a house is much more than a roof over one’s head. Homeownership is a catalyst for transforming our communities, creating private solutions for public issues, building financial stability for generations, and priming neighborhoods for economic growth and development.
Our coordinated efforts provide Dallas families with newly constructed homes and the unique opportunity to take control of each borrower’s tomorrows. This fact is what drives us on a daily basis.
Recently, DNH announced its partnership with IberiaBank and Nexbank to expand our Affordable Housing “DreamBuilder” Loans Program to families in southern Dallas. The goal of this expansion is to provide 100 or more loans a year over the next five years for low-income residents in specific zip codes in Dallas. Thanks to our generous partner banks, we will be better able to help enhance a family’s quality of life through homeownership.
As we continue our diligent work to provide families here in Dallas with a piece of the American Dream, we are encouraged by the news that our leaders in Congress will be looking to address housing finance reform before the end of 2017. We look forward to seeing U.S. Treasury Secretary Steven Mnuchin keep this sometimes overlooked item high on the priority list, and hopefully incentivizing more private capital come into the market space.
Homeownership strengthens families, neighborhoods and communities, and we have pledged to do our part. Here’s hoping that our leaders in Washington can come together to do theirs.