June 14, 2010
Contact: Sonya Moste, Director of Marketing and Public Relations
Phone: 404.614.8281
ADA Celebrates its 500th Affordable Housing Closing
ATLANTA – The Atlanta Development Authority (ADA) has provided downpayment subsidies to homebuyers since May 2007 with the goal of helping working families live closer to their jobs and begin building wealth. With its most recent closing, ADA has made homeownership a reality for 500 families.
"All great cities must have a balanced mix of housing stock for all income levels," says Atlanta Mayor Kasim Reed. "Through the ADA, other city departments and various partnerships, the city of Atlanta works hard to provide mortgage programs and products to average working families so they can afford to live near their jobs. I am thrilled to welcome so many families to the city. These new residents will help us stabilize our neighborhoods and lead our housing market recovery."
ADA has expended more than $9.3 million in housing subsidy and leveraged more than $80 million in private investment. “We are directly stimulating the local housing market,” says Dawn Luke, interim director for the Housing Finance Department at ADA. “Without the city’s investments in affordable housing, there would likely have been $80 million less in residential real estate closings in the past three years.”
While the maximum household income limit is $82,000, allowing seasoned public servants, teachers, retail managers and nurses access to the program, the average household income of program participants is $46,600. The average sales price of a home is $157,880, and, with the downpayment subsidy, the typical homebuyer’s monthly mortgage payment, including taxes and insurance, is around $974 per month.
Kristi Matthews, assistant city attorney for the City of Atlanta, recently purchased her first home using the Opportunity Downpayment Assistance Program (ODAP), marking ADA’s 500th affordable housing closing. “This is a wonderful program that provides assistance and incentives to those wishing to purchase within the city,” Matthew says. “Now I can be a little closer in to where I work, live and play.”
Affordable housing closings are occurring in all quadrants of the city, including 24 closings along the Atlanta BeltLine. The BeltLine is now under construction in many parts of the city, creating a demand for homes in its vicinity. Buyers hope that the coming amenities of parks, trails and transit will provide not only a superb quality of life, but appreciation of the value of their home.
The funds for these programs come from a variety of sources, including: the city of Atlanta’s Housing Opportunity Bond issue of 2007; the BeltLine tax allocation district bond issues of 2008 and 2009; the U.S. Department of Housing and Urban Development; and the Vine City Trust Fund.
Funds are still available to help prospective city residents find affordable intown housing. Homebuyers who are interested should select a mortgage lender from ADA’s list of preferred mortgage lenders at www.AtlantaDA.com, become pre-qualified and start house-hunting.
ABOUT ATLANTA DEVELOPMENT AUTHORITY
The Atlanta Development Authority is the official economic development agency for the city of Atlanta. ADA represents intown Atlanta, which has a population of 530,000 and growing. ADA is a research-based economic development organization, focused on residential, business and investment growth in the city. Visit www.atlantada.com.
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