January 31st 2024.
The city of Atlanta has recently announced the launch of a new program that aims to help everyday residents achieve their dream of homeownership. This program is specifically designed for service workers, such as first responders and teachers, who have long been an essential part of the community. It is a joint effort between the City of Atlanta, Invest Atlanta, and the city's housing authority, with the goal of assisting those in the "missing middle" who do not qualify for traditional down payment assistance but also cannot afford a mortgage on their own.
WSB-TV reports that interested individuals can apply for this program and will be entered into a lottery to become part of the Brown's Mill Village neighborhood. According to Maja Sly, an Affordable Housing Advocate and Broker with Keller Williams Atlanta, this program is open to anyone making under $83,000, including teachers and firefighters. The lucky winners of the lottery will have the opportunity to become homeowners in the city they serve and love.
Sly emphasizes that this program is dedicated to those who meet the requirements, but others who are outside the targeted professions can also apply if they meet the salary criteria and have a credit score of at least 620. While service workers who are accepted into the program will receive $45,000 in down payment assistance, others will still receive a generous amount of $40,000 to put towards their affordable homes.
The first cohort of 19 new homeowners will be selected through the lottery in February. However, Sly makes it clear that this community is for those who truly want to make it their home and not for investors. She explains, "We have a commitment to homeownership, and this neighborhood is 100% owner-occupied. I want to keep it that way."
The launch of this program comes at a time when high interest rates are making it difficult for middle and working-class Americans to obtain a mortgage. As reported by CNN, the rate of Black homeownership in 2021 was only 44%, significantly lower than their white counterparts at 72.7%. This new program aims to bridge this gap and promote diverse first-time homeownership. It encourages all eligible individuals to apply, regardless of their race or profession.
In conclusion, the City of Atlanta has taken a significant step towards making homeownership more accessible for service workers and promoting diversity in the housing market. This program is a true testament to the city's commitment to affordable housing and its appreciation for the essential workers who make Atlanta a great place to live.
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