The Denton County Commissioners Court will allocate a $40 million bond from the Denton County Housing Finance Corporation to the Texas Department of Housing and Community Affairs, according to an Oct. 20 news release.
The details
The TDHCA will use that money to assist around 132 households in buying homes, providing nearly $1.4 million in down payment assistance and more in closing costs, according to the release.
Those individuals will then have access to low-interest 30-year mortgages.
The TDHCA will take the lending and administration responsibilities away from the DCHFC in order to support homeownership while preventing any county debt, according to the release.
The $40 million bond comes from the DCHFC’s end-of-year bond cap, the annual federal limit on tax-exempt private activity bonds. The DCHFC will receive annual fee revenue from the bond to support future housing projects, according to the release.
“By working with TDHCA, we can help more working families achieve the dream of homeownership while supporting our local workforce, all without taking on additional County debt,” Denton County Judge Andy Eads said.
About the program
In the past two years, the TDHCA has spent around $15 million supporting 49 mortgagors in Denton County.
“I remember being a first-time homebuyer and trying to save enough for a down payment,” Former Denton County Commissioner Kevin Falconer said. “That can be a significant hurdle for families, and this program can help make homeownership more attainable.”
