Dallas (WBAP/KLIF) – Dallas City Council this week upped the ante in an effort to help longtime residents. The program is geared toward residents stressed by higher costs in communities where gentrification has made housing unaffordable.
Councilmembers designated $1M dollars from a $20M dollar fund established last year to tackle racial equity-related initiatives. The new program is called the Anti-Displacement Anti-Gentrification Homebuyer Assistance Program.
The money will be used to issue up to $50,000 in forgivable loans to residents who are trying to buy a home within the city. The loans are eligible to residents who have lived in Dallas for at least ten years. Income eligibility guidelines are broken down for individuals and families based on percentages below and above the Dallas’ median income [AMI].
Thor Erickson with the city’s housing and neighborhood revitalization department says the goal is to help people who live in Dallas stay in Dallas or help people who’ve lived in the city, moved away because of affordability and are looking to come back,
Eligibility comes with a commitment to staying in the new home for at least five years,
Anti-Displacement Homebuyer Assistance Program:
- All Applicants must be a U. S. Citizen, Permanent Resident or Eligible Immigration Status with a valid social security card.
- Applicants must be a current resident of the City of Dallas and have at least 10 years of residency within the Dallas city limits. The 10 year residency does not have to be consecutive.
- Homebuyer incomes must be between 50% and not exceed 120% of the Area Median Income (AMI) for household size.
- Applicant must have an executed real estate sales contract and mortgage lender approval for a first lien mortgage loan.
- Assistance is based on need and may not exceed $50,000.
- There is no sales price limit. The homebuyer’s sales price will be determined by the mortgage lender based on the borrower’s mortgage qualifying income and credit. The housing payment may not exceed 35% of the buyer’s monthly gross income.
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