The city of Atlanta, Georgia, provides funding to improve housing for qualified residents.
The Atlanta Development Authority (ADA) is an agency within the city government that serves to promote economic advancement inside Atlanta's city limits. The authority oversees projects designed to promote residential and business growth, and to stimulate investment in the city. Atlanta's mayor serves as chairperson of the ADA and presides over a nine-member board. Through partnerships with other economic entities, the ADA provides a number of funding opportunities aimed at providing affordable housing to city residents. Does this Spark an idea?
Beltline Affordable Housing Trust Fund
The city provides grant money to advance the availability of inexpensive housing in the city's Beltline areas through the Beltline Affordable Housing Trust Fund (BAHTF). Program funding is combined with other sources of housing money to rehabilitate existing housing and build new living units for city residence. The BAHTF seeks to create a blend of rental and owner housing in Beltline neighborhoods. Property developers interested in building single and multifamily homes are encouraged to apply for funding. Money is used to provide multifamily rental units to people at or below 60 percent of local median income levels. Single family-owned homes are available for residents within 100 to 115 percent of area median income. Grants are required to cover no more than a maximum of 30 percent of the projects total cost, and developers must secure other funding from public and private entities. Projects must be located within a specific Beltline area to be eligible for funding.
Eastside TAD Affordable Purchase Program
The ADA administers funding provided from the U.S. Department of Housing and Urban Development (HUD) through the Eastside TAD Affordable Purchase Program. Qualified home buyers will receive aid in purchasing units within specific condominium developments. This program is in the Eastside Tax Allocation District (TAD) in downtown Atlanta. Grant funds cover the difference between the appraised market value of the properties and the price considered affordable to residents as determined by the ADA. Eligible buyers cannot have income that is greater than 80 percent of the median income for metro Atlanta. Actual income eligibility levels are determined as needed by HUD. The condominium unit must be the main residence of the person benefiting from the program. If you wish to participate in the program, you must have at least $1,500 of your own money to use for closing costs or down payment of the housing unit.
Atlanta Affordable Homeownership Program
The Atlanta Affordable Homeownership Program (AAHOP) offers qualified home buyers a combination of mortgage aid and funding to pay for settlement fees, also known as closing costs. The program provides a buyer with a secondary mortgage of $10,000 with a zero percent interest rate, and pay for a maximum of 50 percent of the fees associated with securing the second mortgage. AAHOP guidelines require that the home be located within the city limits of Atlanta and have a purchase price of not more than $252,890. Property can be newly built or preexisting and include townhouses, condominiums, or single-family homes and must be occupied by the owner. The ADA regulates the various income limits to participate in the program based on family size.
Atlanta Development Authority
86 Pryor St., SW Suite 300
Atlanta, GA 30303
404-614-8332
atlantada.com
Tags: median income, Affordable Homeownership, Affordable Homeownership Program, Affordable Housing, Affordable Housing Trust