More housing opportunities could be on the way for North Texas with the region’s fair housing center setting up grants for nonprofits in an effort to encourage home ownership among those in need.
The Dallas Morning News reports the North Texas Fair Housing Center is currently accepting grant applications for this initiative after receiving $1.4 million in a settlement from Wells Fargo this year. The reason? The fair housing center, along with a dozen other community housing centers across the U.S. filed a federal housing discrimination complaint against the bank claiming discrimination. The result will hopefully lead to greater home buying opportunities for the disadvantaged.
“Dallas communities of color have been disproportionately affected by foreclosure and disinvestment, Frances Espinoza, executive director of the North Texas Fair Housing Center told the news source. “(Which) will provide funding to organizations that have developed programs to revitalize these neighborhoods.”
In order to be considered for a grant, a nonprofit must contribute to housing rehabilitation, which means the project must rehab vacant or abandoned housing already for sale or create new construction or repairs for those who are up to 120 percent of the region’s median income.
Also, the criteria for a grant requires a general and quality of life approach to neighborhood stabilization, as well as accessability modifications for those disabilities and down payment assistance for those who can’t cover the closing costs associated with home buying.
Texas home buyers can also benefit from FHA loans, which are insured by the federal government and come with down payment options of as low as 3.5 percent. Not to mention VA loans, which completely waive private mortgage insurance and are strongly recommended for those who qualify.
If you’d like to learn more about the North Texas housing market and, more specifically, Stephenville homes for sale, contact us today.