Homeownership is one of the key foundations of the American middle-class life. Owning a home is often described as an essential part of attaining what is colloquially known as the American dream. Unfortunately, attaining homeownership is also one of the largest barriers low-income families will face as they strive to enter the middle class. Nexbank, a Dallas area community bank committed to growing the local Dallas community, has decided to take action to address the problem of low-income homeownership by partnering with Dallas Neighborhood Homes and Habitat for Humanity to provide over 500 low-income families over the next five years with affordable low-interest home loans.
“Providing Dallas area families with a chance to enter the middle class will have a tremendous positive effect on these families and will directly benefit our entire community, which is why we are excited to partner with great organizations like Dallas Neighborhood Homes and Habitat for Humanity to help provide a ladder to the middle class for these deserving families,” said John Holt, CEO of Nexbank and a member of the Texas Bankers Association’s Board of Directors. North Texas, where Dallas is located, has statistically one of the lowest percentages of homeownership in the nation and this program seeks to address this issue. In this partnership, Nexbank will contribute over 50 million dollars in home loans to qualifying families at rock-bottom interest rates and will waive all fees normally associated with home mortgage closing costs. “When we were provided with the opportunity to partner with these outstanding organizations, we didn’t even need to think twice before agreeing, as this is an excellent way for Nexbank to give back and grow the local community we work in and love” added John Holt. The three organizations plan to begin helping families attain their new homes in the upcoming year.