ATLANTA — As interest rates went up, home sales went down across the country and here in Georgia.
But right now, some major money is available to help people get into new homes in the City of Atlanta.
Channel 2′s Lori Wilson visited a neighborhood designed with a special group of buyers in mind.
“We are building homes for teachers, firefighters and anyone making under $83,000 will be entered into our lottery for our final phase,” says Maja Sly, Affordable Housing Advocate and Broker.
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Sly says there is real money available right now for people who want to buy a new home in the city limits. but are part of a group called the ‘missing middle.’
Those people make too little to qualify for a mortgage, but too much to qualify for any assistance.
The help available now is $45,000 in down payment assistance for teachers, police officers and firefighters.
Even if you are not in the service industry, there is still $40,000 in down payment help available if you make less than $83,000, have a 620 credit score and want a new home in Brown’s Mill Village.
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“They can now have a mortgage and live in the City of Atlanta,” Sly said.
Sly says as interest rates have come down, applications are way up, so those who apply will go into a lottery.
A total of 19 winners will be drawn next month, and winners will get a chance to choose their lot. They will then get the down payment money, which is doled out through a partnership between Invest Atlanta...and the Atlanta Housing Authority.
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If you’re an investor, however, you need not apply, Sly said.
“The program is through the City of Atlanta, and our mayor has a commitment to affordable housing. We do not accept investors,” Sly said. “We have a commitment to home-ownership. This neighborhood is 100% owner-occupied, and I want to keep it that way.”
To get into the drawing to be one of the 19 open slots, click here.
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