Atlanta, GA: Atlanta Neighborhood Development Partnership, Inc. (ANDP) announces the establishment of a $1 million down payment assistance program, supported by the Bank of America Community Home Fund. The program is designed to help families I four metro counties achieve homeownership with up to $30,000 in down payment assistance.
The ANDP Homebuyer Assistance Program (ANDP HAP) 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 an ANDP home in these same areas. The program offers qualified buyers with up to $30,000 in homebuyer assistance. 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 30 families in the four-county area achieve their dream of homeownership,” says ANDP President & CEO John O’Callaghan.
The ANDP HAP program will be available for a period of one year and buyers must currently reside in the City of Atlanta or Clayton, DeKalb, Douglas or Fulton counties – and purchase a home in the same geography from ANDP. 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 assistance provided can be applied to the down payment and/or to assist with closing costs.
“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.”
“I’m so excited to be the first to use the new ANDP down payment assistance program. This help means that I will finally have a place to call my own! A place that my children and I can be proud to call home,” said Lakesha Head, the first program participant.
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.