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Garland Housing Finance Corporation reports $32M bond, expands down-payment and repair programs
Summary
The Garland Housing Finance Corporation told the City Council it issued more than $32 million in tax-exempt bonds in 2024 to fund down-payment assistance and reported continued investment in multifamily and home-repair programs while warning House Bill 21 could sharply reduce future affordable units and revenues.
David Gibbons, executive director of the Garland Housing Finance Corporation, told the City Council on Aug. 4 that GHFC issued "just over $32,000,000 in tax exempt bonds" in 2024 to support its Down Payment Assistance program and that the organization funded 80 loans and accompanying grants over the year.
Gibbons said the program combines a $10,000 deferred, no-interest loan and a $5,000 grant, which homebuyers may use for closing costs, additional down payment or rate buy-downs. He added each borrower also participates in the mortgage-credit-certificate program, which the Internal Revenue Service administers and which can provide up to a $2,000 direct tax credit each year for qualified homeowners.
The organization reported that during 2024 it helped fund about $21 million in mortgages for…
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