The Garland Housing Finance Corporation (GHFC) provided a comprehensive update on its mortgage credit certificate and down payment assistance programs during a recent work session, highlighting significant achievements and future challenges that directly impact the community.

In 2024, GHFC issued a record $32 million in tax-exempt bonds to support its down payment assistance program, which has been recognized as one of the most successful in Texas. The program offers first-time homebuyers a combination of a $10,000 no-interest loan and a $5,000 grant, totaling $15,000 that can be used for various purchase-related expenses. This initiative aims to assist low- to moderate-income families, with the average borrower earning approximately $57,000 annually.

In the past year, GHFC funded 80 loans and grants, resulting in $21 million in mortgages for first-time homebuyers. Since the program's inception in 2008, it has facilitated over $71 million in new mortgages, demonstrating its vital role in helping residents secure affordable housing.

However, the meeting also addressed looming challenges, particularly the implications of House Bill 21, which could significantly reduce the number of affordable housing units in Garland. Currently, there are about 3,000 multifamily units, but this number may drop to approximately 1,300 by 2026, potentially displacing many residents who rely on affordable housing.

The GHFC also reported on ongoing developments in affordable housing, including several new projects aimed at seniors and low-income families. Notable initiatives include the construction of new homes on previously vacant lots and the renovation of older properties to provide safe, affordable living options. The organization has committed over $2.3 million for home repairs and renovations, assisting nearly 100 families in 2024 alone.

In addition to housing initiatives, GHFC continues to support community programs, including scholarships for students pursuing careers in trades and vocational fields, and rental assistance through partnerships with local organizations like the Salvation Army. These efforts aim to empower residents and improve overall community well-being.

As Garland navigates these developments, the GHFC remains focused on addressing housing needs and ensuring that residents have access to affordable living options, reinforcing its commitment to the community's growth and stability.