City of Atlanta Grants

City of Atlanta has several grants that are available. The grants range from $10,000 to $60,578. Please see details below for the requirements of each grant.

If your current agent does not know about these grants, ask yourself “Am I working with the right real estate agent?”.

When you first read through the grants, it may seem confusing. However, the lenders I work with are going to place you in the best program possible to maximize the amount of the grants that you may qualify for. Keep in mind - grants MAY be combined!!!

Grant #1 – Atlanta Affordable Homeownership Program (AAHOP) - $10,000 Grant

The Atlanta Affordable Homeownership Program provides $10,000 mortgage assistance in form of a ZERO-percent interest rate “soft second mortgage” and covers up to 50% of the settlement costs.

First mortgage secured by ADA’s participating lenders must be convetional, FHA, or VA 30 year fixed rate loan.

WHO QUALIFIES?
AAHOP is the only program that requires buyers to be first time buyer or not have owned a home that was the buyer’s principal residence within the past THREE years.

MAXIMUM INCOME LIMITS
$40,150 for 1 person household
$45,900 for 2 person household
$51,600 for 3 person household
$57,350 for 4 person household
$61,950 for 5 person household

BORROWER MUST
- Secure an executed real estate contract on the property to be purchased
- Have a good credit history (see lender for details)
- Provide copies of three tax returns
- Attend homebuyer seminar
- Have inspection done prior to closing
- Contribute $1,500 of own funds toward closing

ELIGIBLE PROPERTIES
- Must be located in the city limits of Atlanta
- Maximum purchase price limit on new and existing is $252,890
- Single-family detached homes, townhomes and condominiums
- Property must be owner-occupied

THE BEST PART – LOAN CONDITIONS AND REPAYMENT
-AAHOP loan is deferred for five years; repayment is due in full upon sale, transfer, refinancing or when home is no longer owner occupied
- participates in AAHOP may pool funds from other down payment assistance programs, as long as the borrower qualifies under each of the program guidelines.

GRANT #2 - THE VINE CITY/ENGLISH AVENUE TRUST FUND GRANT – (HOAP) $15,000 Grant

The Vine City/English Avenue Trust Fund (HOAP) provides a zero-percent interest rate loan of up to 10% of the purchase price – not to exceed $15,000.

First mortgage secured by ADA’s participating lenders must be convetional, FHA, or VA 30 year fixed rate loan.

WHO QUALIFIES?
There is NO first time home buyer requirement for borrowers moving into the incorporated city limits of Atlanta but, current residence must be sold prior to closing on the new property.

MAXIMUM INCOME LIMITS
$50,200 for 1 person household
$57,400 for 2 person household
$64,500 for 3 person household
$71,700 for 4 person household
$77,400 for 5 person household

ELIGIBLE PROPERTIES
The property must be located within the Trust Fund Program boundaries: Joseph Lowery Boulevard on the west side; Donald Hollowell Parkway on the north; MLK Drive on the south, and Northside Drive on the east in the incorporated limits of Atlanta.

THE BEST PART – LOAN CONDITIONS AND REPAYMENT
-HOAP loan is deferred for five years; repayment is due in full upon sale, transfer, refinancing or when home is no longer owner occupied
- participates in AAHOP may pool funds from other down payment assistance programs, as long as the borrower qualifies under each of the program guidelines.
- $700 ADA program fee is charged to borrower at tiem of closing. Note: If this program is combined with ODAP, only a $1,000 fee will charged to borrower.

GRANT #3 - OPPORTUNITY DOWNPAYMENT ASSISTANCE PROGRAM (ODPAP) - $25,289 GRANT

The Opportunity Dowpayment Assistance Porgram provides homebuyers with downpayment assistance of 10 percent of the sales price at ZERO percent interest rate as a soft second mortgage.

First mortgage secured by ADA’s participating lenders must be convetional, FHA, or VA 30 year fixed rate loan.

MAXIMUM INCOME LIMITS
Households of 1 to 2 people: $71,700
Household of 3 or more: $82,455

THE BEST PART – LOAN CONDITIONS AND REPAYMENT
-THE 10% deferred loan requires no payments and is forgiven if borrower occupies the property at least 10 years.
- participates in ODPAP may pool funds from other down payment assistance programs, as long as the borrower qualifies under each of the program guidelines.
- $1,000 program administration fee is charged to borrower at time of closing.

GRANT #5 - BELTLINE AFFORDABLE HOUSING TRUST FUND (BAHTF) $50,578 GRANT

The BeltLine Affordable Housing Trust Fund provides homebuyers with downpayment assistance of up to 20% of the sales price at a ZERO percent interest rate as a soft second mortgage.

First mortgage secured by ADA’s participating lenders must be convetional, FHA, or VA 30 year fixed rate loan

MAXIMUM INCOME LIMITS
For households of 1 to 2 people:
$57,350 and below receive 20%
$75,351 thru $71,700 receive 10%
For households of 3 or more:
$57,350 and below receive 20%
$57,351 thru $82,455 receive 10%

ELIGIBLE PROPERTIES
- The property must be located in the BELTLINE TAX ALLOCATION DISTRICT. To verify go to http://gis.atlantaga.gov/apps/parcel_search
- Maximum purchase price limit can not exceed $252,890
- Single-family detached homes, townhomes and condominiums
- Property must be owner-occupied

THE BEST PART – LOAN CONDITIONS AND REPAYMENT
-The deferred loan requires no payments and is forgiven if borrower occupies the property at least 15 years.
- participates in BeltLine Affordable Housing Trust Fund may pool funds from other down payment assistance programs, except ODPAP, as long as the borrower qualifies under each of the program guidelines.
- $1,000 program administration fee is charged to borrower at time of closing.