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Helping Low-Income Potential Homeowners And Those Saving For College

July 17, 2018 by Posted in: College Savings

NexBank of Dallas, Texas, has a partnership in place with the nonprofit organization Dallas Neighborhood Homes. The point of this partnership is to create affordable home opportunities across the southern half of Dallas. Dallas Neighborhood Homes is a low-cost mortgage service provider who also works with the Dallas chapter of Habitat for Humanity. The goal is to provide low-income residents with at least 100 mortgage loans a year from 2016 to 2021. NexBank SSB is a regional bank which will provide up to $50 million in loans in support of this effort. In addition to offering loans, this partnership also provides financial counseling services to the people they are serving.

As part of this partnership, NexBank will cover all of the title fees due on closing. They will also pay up to $2,000 of the closing costs for each of these loans. Mark Tribuna an executive at the Dallas chapter of Habitat for Humanity. He put out a statement thanking NexBank for doing their part by making sure that there is low-income housing available for those who need it. He said that the area they are targeting has one of the lowest homeownership rates in the United States and they are working to address this issue.

NexBank also helps students go to college. In December 205 they bought College Savings Bank. This bank, located in Princeton, New Jersey, offers 529 college-savings plans. The president and CEO of NexBank, John Holt, put out a statement that College Savings Bank would continue operations as before, keeping both their name and branding. He said that this purchase, the terms of which were not disclosed, would benefit everyone involved.

Another NexBank executive, Executive Vice President and COO Matt Siekielski, stated that this purchase would help his organization better meet the needs of their clients. It would also benefit families who are trying to save for college educations. He said this transaction was a way to responsible expand what NexBank offers and would meet both their short-term and long-term goals in regards to growth.