By Elba Garcia, Dallas County Commissioner, District 4
When it comes to buying a home, financial literacy is one of the best tools we can have in our pocket.
Owning a home continues to be a main source of building family wealth in our country, so it’s encouraging to know that U.S. homeownership rates have increased for all population groups in the past decade. However, our minority populations continue to experience additional hurdles toward homeownership.
Finding affordable housing options to fit their budgets is one of those hurdles. When you additionally factor in the complexity of the mortgage process and fears of falling prey to predatory lenders, the thought of buying a home can become overwhelming and stop many from fulfilling their dream of buying a home.
The good news: Dallas County is continuously working to help tear down those barriers. By 2026, we expect to complete approximately 2,000 affordable housing units. And to help our community navigate the often confusing and frustrating homebuying process, our Home Loan Counseling Center offers an array of financial counseling services and assistance.
Since 1989, HLCC has helped more than 54,000 people with homeownership counseling and financial education. Whether you need help buying a home or need to learn how to create a budget, repair your credit or avoid foreclosure, the center can help you meet your financial goals. The center’s courses are offered online in English and Spanish, and all of its services are free of charge and geared toward your best interests.
In teaching the steps to the homebuying process, HLCC also guides families through the available options and requirements for financial assistance. Through the center’s Section 8 Homeownership Program, for example, more than 50 families have qualified to turn vouchers for rent into vouchers for a mortgage payment.
For those families worried about the downpayment or the closing costs of purchasing a home, HLCC’s Upfront Cost Assistance Program now offers up to $15,000 in assistance for qualifying families – that’s double the $7,500 maximum from just a few months ago. Overall, nearly 500 families have received assistance from this program.
I want many more families to benefit from the many programs HLCC and their partners offer to fit different family needs. Buying a home doesn’t happen overnight. The sooner you start inquiring about the process, the closer you’ll be to owning a home and expanding wealth for your family. For more information, call 214.819.6060 or visit the HLCC section of the Dallas County website at www.dallascounty.org.
The American dream of homeownership is waiting for you. Start your journey today! ¡Adelante!