The new adjustments include the establishment of the Dallas Anti-Displacement Homebuyer Assistance Program, which will provide forgivable loans of up to $50,000 to Dallas homebuyers. To qualify for the loans, homebuyers must have resided in Dallas for at least 10 years and have a household income of 50%-120% of the area’s median income, according to the City Council agenda.
This program is designed to "mitigate the impacts of gentrification by aiding residents who might otherwise have [needed] to seek affordable housing outside of the city," according to a newsletter sent by District 14 Council Member Paul Ridley on Feb. 22.
The amendments also include changes to the existing Dallas Homebuyer Assistance Program, which is authorized to disburse funds from the department’s Equity Fund. Through the program, qualifying individuals can receive up to $50,000 in assistance, with a total of $1 million to be distributed collectively, according to the resolution. The program provides homeownership opportunities to those making at or below 80% of the area's median income through the provision of financial assistance when purchasing a home, according to the program's website.
The amendments are the beginning of a larger strategy toward helping people who are being displaced because of redevelopment, according to District 11 Council Member Jaynie Schultz.
More information about the Dallas Homebuyer Assistance Program is available here.
