Improve affordable housing options and ownership opportunities for DeSoto residents.
City Work Plan
1. Create a first-time homeowner assistance program to increase home-ownership opportunities for DeSoto residents | City Manager’s Office| Start FY 2021 Q1 | Complete FY 2021 Q2
2. Consider expansion of the Over-65 Homestead Exemption to improve seniors’ ability to maintain homeownership in DeSoto | Finance | Start FY 2021 Q1 | Complete FY 2021 Q2
4th Quarter Update September 2021
The Down Payment Assistance Program (DPAP) launched in Q3 and is being marketed to the region via multiple informational sessions available to the public, realtors, and bankers. BCL of Texas is offering ongoing workshops to share information about the DPAP program and homeownership. In October, the DeSoto City Council held a Work Session discussion on increasing the Over-65 Homestead Exemption amount from the current $30,000 amount to $40,000 over two fiscal years. The resulting consensus was to consider increasing the exemption by $5,000 for FY 2023 and another $5,0000 for FY 2024. Staff will be preparing City Council actions that will set the amount for FY 2023 in January 2022. This goal has been completed for FY 2021.
3rd Quarter Update July 2021
The Down Payment Assistance Program (DPAP) launched and is ready to accept applications. The current program focus is strategic promotions and outreach to DeSoto residents who meet eligibility requirements as established by HUD. In the coming months, staff will work with BCL of Texas to offer a series of workshops called Considering Home Ownership. The Considering Home Ownership workshop is designed for the individual just getting started on the home buying journey or looking to make their first purchase a financial and personal goal. During the workshops, staff will promote DPAP. The FY 2022 Budget development process includes planning year FY 2023. In the FY 2023 planning year, a $5,000 increase in the Over 65 Exemption has been factored into the forecast to provide an accurate picture of the financial impact of approving the increased exemption amount. The topic will be reviewed with the City Council during budget workshops scheduled in Q4.