Invest Atlanta received the green light to use $1 million of available increment within the Perry Bolton Tax Allocation District (TAD) to create a new down-payment assistance fund that will help bring down the cost of homeownership for income-qualified homebuyers within the TAD.
The Perry Bolton Mortgage Single-Family Assistance Program is a two-part program that provides qualified buyers with up to $20,000 in assistance in the form of a 0% soft second mortgage with a five-year affordability period.
Homebuyers at 80% of AMI or below who are purchasing homes deemed permanently affordable are eligible to receive $20,000 in down-payment assistance. Homebuyers with household income up to 120% of AMI, who are purchasing a home that is not permanently affordable, but within the Perry Bolton TAD, are eligible to receive $10,000 in assistance.
According to Alan Ferguson, senior vice president of Community Development at Invest Atlanta, there is a lot of activity and investment going on in the Perry Bolton community, subjecting it to market pressures that can lead to increased prices and risk of displacement. “As part of our overall strategy and working in partnership with the city, we want to encourage as much homeownership as possible,” says Alan. “This is a way to not only encourage homeownership, but also to build community wealth and permanency of legacy residents within this area.”