NexBank, a regional bank located in Dallas has partnered with Dallas Neighborhood Homes to support the expansion of their program in the next five years. Dallas Neighborhood homes is a nonprofit organization that provides mortgage services working alongside Dallas Area Habitat for Humanity to give affordable housing loans to southern Dallas families. They target at delivering more than 100 loans annually for the next five years to low income locals. NexBank is offering up to $50 million to fund the program. This will benefit the homebuyers with low income and limited to mortgage access. Additionally, they provide counseling services to prepare people on home ownership offered by Dallas Area Habitat for Humanity.
NexBank will also cater for title fees for completed closings through their affiliates, together with $2,000 closing costs on each loan. Dallas Area Habitat for Humanity, mortgage operation senior vice president Mark Tribuna expressed their gratitude to Nexbank for making affordable homeownership real to the many people in need. He noted that North Texas has the lowest homeownership rates and the program addresses this problem directly. He added that homeownership improves the living standards while enhancing the children’s opportunities for a better future.
NexBank announced the acquisition of College Savings Bank based in Princeton, New Jersey with over 529 college-savings programs. According to NexBank Capital Inc. CEO and president, John Holt, College Savings Bank will maintain its branding and name; also the institution will operate as a Division of NexBank. The transaction is a win to the parties involved and a key move in their overall funding program. NexBank COO and executive vice president, Matt Siekielski added that the acquisition would enable them to give better services to their clients and assist families in saving for college.
It is a unique chance to responsibly expand their platform and continue to achieve their short and long-term goals. College Savings Bank core business focuses on college savings, and it was established in 1987. The company has served as a parents’ partner in preparing their children’s for higher education. It is a program manager CD 529 Indiana College Choice Savings Plan and a bank plan for Arizona Family College Savings Program.