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
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.
2nd Quarter Update April 2021
The Down Payment Assistance Program (DPAP) officially launched during the first week of March 2021 with a dedicated webpage featuring the application packet, program guidelines, phone number, and email address. On April 7, DeSoto’s Down Payment Program was presented in two unique formats to the DeSoto and regional community. The first method included an introduction of the program on a local podcast for area Real Estate Professionals known as Wisdom Wednesdays. Later that day, staff hosted a virtual webinar featuring panelist from City consultants with nearly 70 attendees. The marketing brochure for DPAP is now available on the website. The program is now open and applications are being accepted.