Enterprise Awarded $6 Million in Neighborhood Stabilization Program Funds to Reinvest in North Texas Communities Hit by Foreclosure Crisis

COLUMBIA, Md. – July 6, 2010 – (RealEstateRama) — The Texas Department of Housing and Community Affairs (TDHCA) recently allotted Enterprise Community Partners, Inc. (Enterprise) $5.7 million in Neighborhood Stabilization Program (NSP) funding to provide down payment and closing cost assistance, gap financing, and/or a zero percent mortgage for potential home buyers interested in single family homes in the North Texas area. Qualifying families with low-incomes are eligible to receive up to $30,000 each. The funding is available on a first-come, first-serve basis.

“Enterprise is extremely excited to bring our national foreclosure response efforts here in North Texas,” said Kim Weaver-McDonald, the new director of the Dallas office of Enterprise. “We have a strong local track record of administering the city of Dallas’ Mortgage Assistance Program and are familiar with the communities in need. With this funding from the state, we’ll be able to provide financial assistance to home buyers who are interested in reinvesting in our neighborhoods while building a strong foundation for their families.”

The Texas Neighborhood Stabilization Program (Texas NSP) focuses on 13 cities, Cedar Hill, DeSoto, Duncanville, Lancaster, Midlothian, Waxahachie, Granbury, Greenville, Cleburne, Forney, Corsicana, Weatherford and Rockwall. In order to qualify, those interested must earn 80 percent or less of the area median family income (AMFI), approximately $55,000 for a family of four. It is encouraged that potential home buyers attend a Texas NSP home buyer information meeting held in each of the eligible cities. They are also required to participate in a free home buyer education class with a U.S. Department of Housing and Urban Development approved counseling agency. Lastly, in order to participate in the program prospective home buyers must be pre-qualified for a mortgage by a certified lender, such as Chase, and work with a real estate agent of their choice to find a suitable home.

“Our participation in this program as a qualified lender furthers our mission to reinvest and reinvigorate the neighborhoods,” said Oscar R. Chow, Chase vice president of Multicultural and Affordable Lending.

Enterprise, a national affordable housing and community development leader, has been active in Dallas since 1988. For more than 19 years, Enterprise has operated successful homeownership programs including the city of Dallas’ Mortgage Assistance Program (MAP) and the Enterprise Homeownership Partners (EHOP-Dallas). Collectively the programs have helped more than 7000 families fulfill their homeownership dreams.

For more information on the Texas NSP or to find out more about what Enterprise is doing in Dallas visit http://www.enterprisecommunity.org/txnsp.

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Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $10 billion in equity, grants and loans to help build or preserve more than 250,000 affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise’s efforts to build communities and opportunity.

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