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Plano, Texas, tests idea for lending program for downtown home buyers.
Byline: Steve Quinn
Oct. 15--Plano will be the first area city to test a lending program designed to give downtown home buyers more borrowing power.
In an announcement to be made today, Fannie Mae officials will outline a plan for those looking to live within walking distance of Plano's two Dallas Area Rapid Transit light-rail stations.
Called the Smart Commute Initiative, the program typically helps lower-income families purchase their first home.
In Plano's case, it could also boost the city's downtown redevelopment efforts to bring 1,000 new homes u apartments, townhomes and condominiums u within a quarter-mile of the downtown station.
Since DART started light-rail service to Plano two ...
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