Dallas Neighborhood Homes, a reputable nonprofit that provides mortgage servicing, has teamed up with Dallas Area Habitat for Humanity to develop an Affordable Housing Loan Program targeting low-income families residing in southern Dallas. The aim is to provide over 100 loans a year to low-income individuals in specific areas in southern Dallas for five consecutive years.
The program has attracted financial support from NexBank, a leading regional bank based in Dallas. The bank will give out loans amounting to $50 million. Dallas Neighborhood Home plans to use the earnings to give loans to low-income individuals with little access to mortgages. On its part, the Dallas Area Habitat for Humanity will offer financial counseling services to these individuals to ensure they are ready for home ownership. Other than providing mortgage-lending money, NexBank will be responsible for paying all title costs for closings done through its affiliate as well as $2,000 in closing fees for each loan.
Senior Vice President Mark Tribuna of Dallas Area Habitat for Humanity thanked NexBank for their instrumental role in making affordable home ownership a success. He stated that the Affordable Housing Loan Program offered by Dallas Neighborhood Homes would provide a direct solution to the problem of low homeownership rates in southern Texas. He observed that by owning homes, low-income families would improve the quality of their lives and guarantee a secure future for their children.
NexBank’s VP and COO, Mr. Matt Siekielski, expressed his excitement for partnering with the two organization. He applauded the organizations for their effort and success in assisting low-income homebuyers to acquire budget-friendly homes.
NexBank Purchases College Savings Bank
In a move to expand its client base outside Texas, NexBank, SSB, invested an undisclosed amount in the purchase of College Savings Bank, which is based in Princeton, New Jersey. Despite the acquisition, College Savings Bank will not change its name or branding. However, it will operate as a branch of NexBank. Siekielski believes that through this acquisition, NexBank will improve services that it offers to its clients. It will also help families to educate their children up to the university level by saving for college.