Support for program provided by Bank of America Community Home Fund
Atlanta, GA: Last November, Atlanta Neighborhood Development Partnership, Inc. (ANDP) announced the establishment of a $1 million down payment assistance program, supported by the Bank of America Community Home Fund. With an additional $1 million provided by Bank of America Community Home Fund, the program is expanding to offer a total of $2M in assistance. With this program, qualifying homebuyers can receive up to $30,000 in down payment assistance.
The ANDP Homebuyer Assistance Program (AHAP) is a limited time, homebuyer assistance program for low- and moderate-income families who currently reside in the City of Atlanta or Clayton, DeKalb, Douglas and Fulton counties and want to purchase a qualifying home in these same areas. Homebuyers must meet total household income limits and other program requirements.
The national homeownership rate continues to fall and is currently at 62.9 percent. Despite the decline, an October 2016 survey from NeighborWorks America shows aspirations of homeownership remain strong, with 89 percent of adults saying that homeownership is an important part of the American Dream. However, 56 percent say that rent prices are too high for a person to save to buy a home in their area.
“Lifting homeownership in our communities helps families build wealth, stabilize neighborhoods and strengthen our region. We are appreciative of the support from Bank of America for this important homebuyer program. With this support, we will be able to help more than 60 families in the four-county area achieve their dream of homeownership,” says ANDP President & CEO John O’Callaghan.
Qualifying buyers with a total household income limit of 80 percent of area median income or less can qualify for up to $30,000 in assistance. Qualifying buyers above 80 percent and at/below 120 percent can qualify for up to $20,000 in assistance. There is an exception for income limit requirements for veterans. Qualifying veteran buyers with a household income at or below 120 percent can receive the full amount of $30,000 in assistance.
The AHAP program will be available until December 2017. The program has been expanded to three options
Option 1: Qualifying homebuyers can purchase a qualifying home as listed at www.ANDPHomes.org and receive up to $30,000 in assistance.
Option 2: Qualifying homebuyers can receive up to $30,000 in assistance toward the purchase a home in Atlanta’s Pittsburgh neighborhood or Westside neighborhoods of Ashview Heights, Atlanta University Center, English Avenue or Vine City.
Option 3: Qualifying homebuyers can receive up to $30,000 in assistance toward the purchase of any home in Clayton, DeKalb, Douglas or Fulton Counties – including the City of Atlanta. It is important to note that Option 3 is only available to families with a household income at or below 80% of Area Median Income, whereas the other two options allow families at or below 120% of Area Median Income.
“Bank of America is thrilled to help make buying a home more affordable for Atlanta residents through our Community Home Fund program, and we’re honored to be working with ANDP to execute the program,” said Bob Lee, Bank of America divisional sales executive. “We want to help Atlanta families make informed decisions, responsibly achieve homeownership and begin to leave a legacy for years to come.”
The program is offered on a first-come, first-serve basis for those who meet all program requirements and purchase an ANDP home in the identified program geography.