Management & Operations

DART, Delaware launch homeownership program

Posted on April 11, 2003

DART First State and Delaware launched a statewide Fannie Mae Smart Commute program to encourage homeownership near DART's bus stops and train stations. "DelDOT and DART are pleased to be a partner in this positive new effort that will encourage mass transit usage and increase homeownership," said Delaware Secretary of Transportation Nathan Hayward III. DART and Delaware are the first statewide systems in Fannie Mae's Smart Commute program. The Smart Commute program gives prospective homebuyers throughout Delaware the opportunity to qualify for the mortgage with the help of savings realized from using DART's public transportation. As an added incentive, DART First State will provide homebuyers who purchase a home under the Smart Commute program free bus transit passes for six weeks. Under the Delaware Smart Commute program, eligible homebuyers who purchase a home in Delaware within three-quarters of a mile of a DART rail station or bus stop may qualify for a mortgage. Qualified borrowers may be able to have their qualifying income expanded up to $250 a month in two wage-earner households, or $200 a month for single wage-earner households.

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