The north Texas region has a rate of home ownership that is lower than the national average. However, there is a new initiative that is aimed at attacking this problem. It is the Dallas Affordable Home Loan Program with Nexbank. This is a joint effort of Dallas Neighborhood Homes, the Dallas Area Habitat for Humanity and Nexbank SSB. The aim of the program is to make home mortgages available to low-income residents of the southern Dallas area. Among the expected benefits of the program are a better quality of life for the home buyers and improved life chances for their children.
The goal of the program is to provide at least 100 home loans to low-income individuals each year for the next five years. NexBank SSB has committed up to $50 million in loan capital to fund the program. The loans will be made through Dallas Neighborhoods, which is a nonprofit mortgage lender created by Dallas Area Habitat for Humanity. Habitat for Humanity will furnish financial counseling and education to prepare participants for the responsibilities of home ownership. NexBank will also pay tittle fees the first $2,000 of closing costs for each home.
NexBank SSB provides commercial and individual banking services to the north Texas region. It was originally chartered in 1922, so it is a long-time member of the Dallas business community with about $3.5 billion in assets. NexBank SSB is a member institution of the Federal Deposit Insurance Corporation.
The parent company of NexBank SSB is NexBank Capital, Inc. Also based in Dallas, NexBank Capital is a provider of financial services to the banking industry, and it has a national clientele. NexBank Capital focuses on providing services to individuals and commercial and institutional firms. Their core areas of operation are investment banking, mortgage banking and commercial banking.