Rockwall County's Housing Finance Corporation Proposes Down Payment Assistance Program

During the recent Rockwall County Commissioners Court meeting, a significant proposal was presented aimed at addressing the growing need for affordable housing in the region. The discussion centered around a new single-family residence mortgage assistance program, which seeks to provide down payment assistance to middle-income residents who work in the community but struggle to afford housing due to rising costs.

The proposal, introduced by a representative of the North Central Texas Housing Finance Corporation (HFC), is designed to be cost-neutral for the county, meaning it will not involve any property tax exemptions or removal of properties from the tax roll. Instead, the program will utilize tax-exempt bonds issued by the HFC to fund down payment grants of up to 3.5% for eligible homebuyers. This initiative is particularly targeted at first responders, teachers, local government workers, and healthcare professionals whose incomes fall within specific guidelines.

The HFC, which encompasses multiple counties and cities in the North Central Texas area, aims to allocate $25 million from the Texas Department of Housing and Community Affairs (TDHCA) for this program. It is anticipated that this funding could support approximately 94 down payments, helping to make homeownership more accessible for those earning around the median income of $117,000 in Rockwall County.

Commissioners expressed support for the initiative, emphasizing its potential to attract and retain essential workers in the community. The program is expected to be marketed to local lenders and realtors to ensure that eligible residents are aware of the assistance available to them.

Importantly, the bonds issued under this program will not create any financial liability for Rockwall County, as they are the responsibility of the HFC. This distinction reassured commissioners regarding the impact on the county's overall debt obligations.

In conclusion, the meeting highlighted a proactive approach to tackling housing affordability in Rockwall County. By facilitating access to homeownership for middle-income workers, the proposed mortgage assistance program aims to strengthen the community and support its essential workforce. The next steps will involve formal approval of the resolution to proceed with the bond issuance, paving the way for the program's implementation.