Plano South | May 2022

Taking action The city of Plano’s 2021-2022 Annual Action Plan prepared for the U.S. Department of Housing and Urban Development shows how the city plans to allocate nearly $2 million in federal funds to assist low- to moderate-income residents, local nonprofits, prospective homebuyers and current homeowners. Nearly $350,000 of the funds are used for program-related costs. Housing rehabilitation: $1.08M Provides emergency and limited home repairs to low- to moderate-income households First-time homebuyer: $158,000 Provides down payment and closing cost help to low- to moderate-income households Homelessness prevention: $122,000 Provides short-term housing cost assistance to low-income Plano residents at risk of homelessness Affordable housing expansion: $82,279 Funds used to construct, acquire and repair affordable housing units for low- to moderate-income households Habitat for Humanity of Collin County: $70,000 Provides home repairs related to weather damage and accessibility to low- to moderate-income households Boys & Girls Clubs of Collin County: $50,149 Provides after-school and summer programs to help low-income Plano children with academics, nutrition and personal skills Texas MuslimWomen’s Foundation: $47,829 Provides case management, counseling, emergency shelter and housing to victims of domestic violence The Family Place: $15,056 Provides case management, counseling and housing to victims of domestic violence Additional information on these programs and more can be found at www.plano.gov under the Neighborhood Services Department.

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SOURCE: CITY OF PLANO/COMMUNITY IMPACT NEWSPAPER

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Because the amount of availablehomes cannot keep up with that demand, Woodard said Plano has become a “seller’s market.” That competition, she said, can often price out those who cannot afford to raise their total offer or make large down payments. “If you are looking at something listed in the $300,000 range, you’re going to end up ultimately closer to $400,000,” she said. Woodard said some buyers will make entire cash offers, which is often attractive to sellers. She said down payment assistance programs, such as the ones offered by Plano’s Neighbor- hood Services Department, are helpful for low- to moderate-income buyers. However, homes often do not stay on the market throughout the long application process, she said. Getting financing preapproved and offering

higher than the asking price is the best way for noncash buyers to be competi- tive, according to Woodard. “At the end of the day, they are competing with a cash buyer,” she said. “You might need to pay $500,000, even if [the home is] listed at $420,000.” While prices may continue to rise, Eaden and Schwarz said the city will continue expanding its programs to give as many people in Plano an opportunity to buy their own home. “The hope would be that if some- one wanted to live here … they could,” Schwarz said. “That is the big picture: that if you work in Plano, you would be able to live in Plano.”

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PLANO SOUTH EDITION • MAY 2022