Atlanta launches $500,000 forgivable loan program, mayor announces

ATLANTA — The City of Atlanta’s Faith-Based Development Initiative launched a $500,000 forgivable loan program.

Mayor Andre Dickens’ office announced the new program Friday, saying the loan fund will pay for between 20 to 25 partner projects to receive funding and support for due diligence processes, such as appraisal, survey, architectural renderings and other costs.

The FBDI funds for the loan program come from the City’s Housing Trust Fund, and loans will be administered by Invest Atlanta.

[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]

According to the mayor’s office, the forgivable loans will be available for up to $25,000 per project.

“By partnering with places of worship to develop underutilized land owned by faith-based groups, we are leveraging even more tools to reach our Administration’s goal to build or preserve 20,000 units of affordable housing,” Dickens said in a statement. “Faiths of all backgrounds have the unifying thread of service to their community, so I thank these partners in advance because great things happen when we all come together for the good of the people.”

Only properties within the city of Atlanta are eligible and must include affordable housing in any planned developments.

TRENDING STORIES:

• Local man says he was forced to pay $1,100 to get dog back after using popular pet sitter app
• Flying with cash? Law enforcement can seize your money without telling you why
• Retired vet says he can’t afford retirement home after police say HOA members stole insurance money

To apply for potential funding from the new program, organizations must set up a partner profile as part of the Mayor’s Faith-Based Development Initiative, then complete a funding application.

The FBDI program first launched in February 2022, according to the mayor’s office.

The goal of the program was to connect faith-based organizations with the resources and technical assistance to use privately held land for affordable housing developments across Atlanta.

So far, officials said the initiative has helped more than 500 organizations and 12 faith institutions begin developing affordable housing at various sites.

[SIGN UP: WSB-TV Daily Headlines Newsletter]

IN OTHER NEWS:

20-year-old shot and killed in DeKalb County neighborhood

©2023 Cox Media Group