DALLAS, Sept. 7, 2016 /PRNewswire/ -- Dallas Neighborhood Homes, a nonprofit mortgage servicing provider, working in partnership with Dallas Area Habitat for Humanity, is pleased to announce it will offer an Affordable Housing Loan Program to families in southern Dallas. The goal is to provide 100 or more loans a year over the next five years for low-income residents in specific zip codes in southern Dallas.
NexBank SSB ("NexBank"), a Dallas-based regional bank, is providing up to $50 million in loans to support the expansion of the program over the next five years. Dallas Neighborhood Homes will use the proceeds to lend to low-income homebuyers with limited access to mortgages and offer counseling to prepare the individuals for home ownership, through the financial counseling services provided by Dallas Area Habitat for Humanity. In addition to providing mortgage-lending capital, NexBank will pay all title fees for closings completed through its affiliate plus up to $2,000 in closing costs per loan.
Mark Tribuna, Senior Vice President of Mortgage Operations at Dallas Area Habitat for Humanity, said, "We're very grateful to NexBank for helping to make affordable home ownership a reality for so many people who need it. North Texas currently has one of the lowest ownership rates in the nation and the Affordable Housing Loan Program that Dallas Neighborhood Homes offers directly addresses the problem. By putting more families in their own homes, homeowners enhance the quality of their lives while improving their children's chances for a better future."
"We're proud to partner with Dallas Neighborhood Homes and Dallas Area Habitat for Humanity," said Matt Siekielski, Executive Vice President and Chief Operating Officer of NexBank Capital, Inc. "Both organizations have a strong record of helping lower-income families secure affordable homes in the North Texas community."
About Dallas Area Habitat for Humanity
Dallas Area Habitat for Humanity is the largest nonprofit home builder in Dallas, constructing more than 50 homes per year. Over the last 30 years, Dallas Habitat has built 1600 homes in more than 24 neighborhoods in the Dallas community. Dallas Habitat transforms families, revitalizes neighborhoods and is working to build a better Dallas through strategically bringing together public and private funding, community leadership and vision and thousands of volunteers to break the cycle of poverty and transform our communities.
About Dallas Neighborhood Homes
Dallas Neighborhood Homes is a non-profit state licensed mortgage banker established by Dallas Area Habitat for Humanity to assist homebuyers with all aspects of securing a mortgage (www.dallasneighborhoodhomes.org). Dallas Neighborhood Homes mission is to lend in the gaps of traditional mortgage originators thereby facilitating homeownership that make loans affordable for every borrower. Their motto "Making the American Dream a reality, one home at a time" will ensure increased neighborhood diversity and low to moderate income buying power.
About NexBank SSB
NexBank SSB is a regional bank with assets of $3.5 billion and a charter that dates to 1922. The Bank provides commercial banking, mortgage banking and institutional services to meet the needs of its clients, which include institutional clients, financial institutions, and corporations nationwide. NexBank SSB is part of NexBank Capital, Inc., a financial services company. www.NexBank.com
NexBank SSB is a member of the FDIC.
Equal Housing Lender