Stimulus funds to help Atlanta Downpayment Assistance
The City of Atlanta announced Wednesday that it is receiving $1.1 million in American Recovery and Reinvestment Act (ARRA) funds to address foreclosures in the hardest hit areas.
The Atlanta Development Authority (ADA) will administer the downpayment assistance program for the city as part of the Neighborhood Stabilization Program, which will launch later this month.
Using the program, homebuyers will be able to receive up to $25,000 toward a downpayment if they buy a foreclosed home in one of the city’s program-eligible census tracts.
The purchase price of the home cannot exceed $252,890 and the gross household income of the purchaser cannot exceed 120 percent of area median income.
“Foreclosures and mortgage fraud have hit hard in Atlanta’s most vulnerable communities,” Dawn Luke, Deputy Director of Housing Finance for the ADA, said in a press release. “With the dollars we have, we hope to turn 50 empty houses into homes for deserving families. Neighborhood stabilization has become mission critical for all of us.”
Program training for realtors and lenders has already begun with the next session scheduled for October 15. Space is limited. RSVP to Stephanie Perkins at (404) 614-8294.
Learn more at www.atlantada.com.