Press Release: New Financing Solution to Increase Access to Homeownership
For Release: September 15
Invest Atlanta Introduces New Financing Solution to Increase Access to Homeownership
First program of its kind in Georgia can bridge the gap to home ownership when traditional mortgage financing is not attainable
ATLANTA – Invest Atlanta announced today it will launch a new program to increase homeownership in Atlanta through the Trio Lease-to-Own Home Financing Program. The program provides a flexible financing solution to help prospective homebuyers who may have difficulty attaining a traditional mortgage. Open to residents of the City of Atlanta, Trio offers the opportunity to secure a lease on a home with the option to buy it at a locked-in mortgage interest rate and term based on today’s pricing and underwritten to FHA standards.
The program is a public-private partnership between Invest Atlanta and Trio in which Trio provides the funding for homes and serves as the property manager and loan servicer. Trio has offered similar lease-to-own programs for 15 years, including the first such initiative under Fannie Mae.
“We are committed to broadening access to homeownership to deserving buyers who might otherwise be denied the opportunity to purchase a home,” said Dr. Eloisa Klementich, President & CEO, Invest Atlanta. “Through this public-private partnership with Trio, Invest Atlanta is working to ensure that the dream of homeownership is possible for more citizens across our city.”
The first program of its kind in Georgia, Trio can be used in tandem with Invest Atlanta’s homebuyer mortgage assistance programs for qualifying applicants. Homebuyers whose mortgage applications had previously been rejected by a lender may be able to participate in Trio. A Homebuyer Education course from eHome America is required to participate.
“Trio is another innovative homebuyer tool that Invest Atlanta is introducing to expand housing opportunities for Atlantans,” said Dawn Luke, Senior Vice President, Invest Atlanta. “The program supports our goal of enabling more people to live in the city, and it allows homebuyers to consider areas that may not be affordable to them through conventional financing.”
To be eligible for Trio, participants must earn at least $3,600 per month and have a credit score of 580 or higher. Homes financed through Trio must be new or substantially remodeled within the last 10 years with a purchase price that does not exceed $360,000.
“Instead of starting with a home mortgage, Trio qualifies you for a lease without the need for a down payment. That makes it easier for a lot of people to get financing up front,”said Darryl Lewis, Managing Director, Trio. “And like a car lease, Trio has fixed monthly payments, a choice to finance for one to five years, and the option to purchase at any time during the lease.”
Chaired by Mayor Reed, the Invest Atlanta Board of Directors unanimously passed a resolution today to introduce the Trio program through the Urban Residential Financing Authority.
About Invest Atlanta
Invest Atlanta is the official economic development authority for the City of Atlanta. Its purpose is to strengthen Atlanta’s economy and global competitiveness in order to create increased opportunity and prosperity for the people of Atlanta. Chaired by the Mayor of Atlanta, and governed by a nine- member board of directors, Invest Atlanta’s programs and initiatives focus on developing and fostering public/private partnerships to create jobs, grow the economy, revitalize neighborhoods, attract investment, spur innovation and encourage entrepreneurship. To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing and tax credits.
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