FHLBank Atlanta, Atlanta BeltLine offer funding for new homes, rehabilitation
Federal Home Loan Bank of Atlanta teamed with Atlanta BeltLine Inc. on an affordable housing finance partnership that offers a cumulative $600,000 in grant funding to buy new homes or rehabilitate existing homes along the Atlanta BeltLine corridor.
Atlanta Beltline said funding is available exclusively to FHLBank Atlanta member financial institutions and their eligible customers who earn 80 percent or less than the area median income.
“Atlanta BeltLine Inc. is committed to providing stable housing opportunities for individuals and families who wish to live along the Atlanta BeltLine and may be most affected by the impacts from growth and change,” Atlanta BeltLine President and CEO Paul Morris said in a statement. “We believe that the real strength of the BeltLine is found in the diversity of the 45 neighborhoods that surround it.”
Morris said Atlanta Beltline has a goal of providing 5,600 units of affordable housing.
Eligible properties include single-family homes 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 and borrowers must contribute at least $1,000 toward the purchase of a home, Atlanta Beltline said.
Atlanta BeltLine Inc. is the entity tasked with planning and executing the implementation of the Atlanta BeltLine in partnership with other public and private organizations, including Atlanta departments.
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.
Interested homebuyers or homeowners can click here to begin their application.
Source: Atlanta Business Chronicle