Invest Atlanta and Atlanta Beltline, Inc. have launched a new down payment assistance program designed to help legacy residents and public sector employees buy homes in Beltline neighborhoods.
Eligible long-term residents and public servants could receive up to $30,000 in assistance, while other qualified homebuyers may receive up to $20,000, according to a press release from Invest Atlanta, the city’s economic development authority.
Eligible buyers may purchase homes within the Beltline Tax Allocation District (TAD) on the south and west sides of the city. Funds can be used for down payments, closing costs, permanent interest rate buydowns, principal reduction, or a combination of these expenses, the press release said.
Eligible buyers can purchase single-family homes, townhomes, condos, or 2-4-unit properties using FHA, VA, or conventional 30-year fixed-rate loans. Key eligibility highlights include:
- Minimum credit score of 620
- Maximum household income of 140% AMI [Area Medium Income} (120% AMI for land trust transactions)
- Loans up to $400,000, with no maximum home purchase price
- A minimum homebuyer contribution of $1,500 toward the transaction
- Completion of a HUD-approved, 8-hour homebuyer education course through an Invest Atlanta participating provider, plus an Invest Atlanta Q&A session
The program will be funded through Atlanta Beltline, Inc.’s affordable housing budget and administered by Invest Atlanta. Prospective homebuyers interested in learning more about eligibility and how to apply can visit Homebuyer Programs & Downpayment Assistance.
“Homeownership is one of the most powerful tools we have for building generational wealth, and for too long, rising costs along the Beltline have pushed that opportunity further out of reach for the very residents and public servants who make these neighborhoods thrive,” Invest Atlanta CEO Dr. Eloisa Klementich said in a statement. “Invest Atlanta has provided downpayment assistance to more than 650 homebuyers totaling more than $13 million.”
