FOR IMMEDIATE RELEASE:

April 7, 2015

 

Media contacts:

Ericka Brown Davis, Atlanta BeltLine, Inc.

(404) 477-3660, edavis@atlbeltline.org

Meredith Moses, FHLBank Atlanta

(404) 888-8145, mmoses@fhlbatl.com

                                                                                                                                   

 

New Income Limits Expand Eligibility for Atlanta BeltLine Housing Initiative Program

ATLANTA, April 7, 2015 — Effective April 1, 2015, the U. S. Department of Housing and Urban Development increased the Area Median Income for the Atlanta area to $68,300. As a result, more homebuyers and homeowners may now qualify for assistance through the Atlanta BeltLine Housing Initiative Program (HIP). Applicants for the program must earn 80 percent or less than the area median income. The change raises the maximum household income requirements by approximately $2,000 to $3,000.

Funding is available from Atlanta BeltLine, Inc. (ABI) and the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) to help citizens purchase homes and to assist homeowners with minor repairs. Qualified customers will work with FHLBank Atlanta member banks on silent second and third mortgages, which means the customer does not pay monthly principle or interest payments on the home. Eligible properties include single-family homes or condos and owner-occupied homes in need of basic rehabilitation within the Atlanta BeltLine Planning Area. Properties for purchase or rehabilitation must serve as the primary residence.

Below are the updated income caps:

• 1-Person Household –   $38,200
• 2-Person Household –   $43,650
• 3-Person Household –   $49,100
• 4-Person Household –   $54,550
• 5-Person Household –   $58,950
• 6-Person Household –   $63,300
• 7-Person Household –   $67,650
• 8-Person Household –   $72,050

Interested homebuyers or homeowners should visit www.AtlantaBeltLinehomes.com to find more information and to begin an application. Applications for rehabilitation loans are due April 13, 2015.

 

About Atlanta BeltLine, Inc.

The Atlanta BeltLine is the most comprehensive transportation and economic development effort ever undertaken in the City of Atlanta and among the largest, most wide-ranging urban redevelopment programs currently underway in the United States. The Atlanta BeltLine is a sustainable redevelopment project that will provide a network of public parks, multi-use trails and transit along a historic 22-mile railroad corridor circling downtown and connecting many neighborhoods directly to each other. Atlanta BeltLine, Inc. (ABI) is the entity tasked with planning and executing the implementation of the Atlanta BeltLine in partnership with other public and private organizations, including City of Atlanta departments. For more information on the Atlanta BeltLine, please visit www.BeltLine.org.

About the Federal Home Loan Bank of Atlanta

FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members-its shareholders and customers-are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies headquartered in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System, which since 1990 has contributed more than $4.4 billion to the Affordable Housing Program.