John Reinhardt
REALTOR
770.475.1130 Ext 6806
ATLANTA - The City of Atlanta has received $1.1 million from the federal government under the American Recovery and Reinvestment Act to address foreclosures in the city's hardest hit neighborhoods. The Atlanta Development Authority will administer the downpayment assistance program on behalf of the city of Atlanta as part of the Neighborhood Stabilization Program. This month, lenders and realtors will be trained on how to use the program and process applications.
The program, which is geared toward homebuyers, will be launched to the public in late October. Prospective buyers must use a lender from the list of ADA-approved lenders located on the ADA website at http://www.atlantada.com./buildDev/documents/Lenderslist8-14.pdf.
Homebuyers will be able to receive up to $25,000 toward a downpayment if they buy a vacant foreclosed home in one of the city's NSP-eligible census tracts. For a listing of eligible NSP census tracts, visit www.atlantaga.gov. To determine if the property is located in an eligible census tract, click here. 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. Homebuyers can contact approved lenders listed on ADA's Web site to qualify for a first mortgage.
"Foreclosures and mortgage fraud have hit hard in Atlanta's most vulnerable communities," says Dawn Luke, Deputy Director of Housing Finance for the ADA. "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."
John Reinhardt
REALTOR
770.475.1130 Ext 6806
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