SouthState has announced that it is investing $250,000 towards affordable housing in Atlanta over the next three years.
The Florida-headquartered financial services company says that it will be dispersing the funds between five Atlanta-based nonprofit organizations for the purpose of constructing housing, creating jobs and continuing existing operations.
The five local organizations receiving the money include Atlanta Beltline; Atlanta Neighborhood Development Partnership, Inc.; Focused Community Strategies Ministries; Grove Park Foundation and Grove Park Renewal.
“Affordable housing lends itself to upward economic mobility for countless individuals and families,” said Ashley Carson, Atlanta commercial division president, SouthState Corporation.
“Through monetary investment, as well as ongoing involvement and volunteerism with organizations focused on improving the affordable housing situation facing so many friends and neighbors, we are pleased to play a role in bringing stability and financial health to the Atlanta market.”
Additionally, in an effort to provide further support towards low-to-moderate individuals and their homeownership goals, SouthState has also introduced the Opportunity Advantage Loan Fund.
The Opportunity Advantage Loan Fund is a five-year, 0% interest, zero-dollar payment second mortgage worth up to $12,500. South State says that the mortgage can be utilized for closing costs and down payments, and is completely forgiven at the conclusion of the five-year period.
The forgivable second mortgage is limited to applicants that earn 80% or less of the area median income, according to South State.
“SouthState’s Mortgage business is headquartered in Atlanta, and serving our community’s housing needs is a top priority for our team,” said Brent Harrell, Mortgage co-president. “We are proud to serve homeowners across the Southeast with a variety of mortgage solutions.”
For more information about SouthState Corporation, head over to the company’s website.