Improve affordable housing options and ownership opportunities for DeSoto residents.
City Work Plan
1. Create a first-time homeowner assistance program to increase home-ownership opportunities for DeSoto residents | City Manager’s Office| Start FY 2021 Q1 | Complete FY 2021 Q2
2. Consider expansion of the Over-65 Homestead Exemption to improve seniors’ ability to maintain homeownership in DeSoto | Finance | Start FY 2021 Q1 | Complete FY 2021 Q2
2nd Quarter Update April 2021
The Down Payment Assistance Program (DPAP) officially launched during the first week of March 2021 with a dedicated webpage featuring the application packet, program guidelines, phone number, and email address. On April 7, DeSoto’s Down Payment Program was presented in two unique formats to the DeSoto and regional community. The first method included an introduction of the program on a local podcast for area Real Estate Professionals known as Wisdom Wednesdays. Later that day, staff hosted a virtual webinar featuring panelist from City consultants with nearly 70 attendees. The marketing brochure for DPAP is now available on the website. The program is now open and applications are being accepted.
1st Quarter Update January 2021
The first-time homeowner program was approved by the City Council and the program guidelines were submitted to HUD and currently under review. The City Council approved an agreement with non-profit BCL to host first-time homeowner courses, a requirement for approved applicants. The next phase of this program will focus on marketing the program to DeSoto Realtors and Realtor Associations. The over-65 Homestead Exemption draft was presented to City Council in December 2020. The final draft was presented and approved by City Council at the January 19, 2021 meeting.