Down Payment Assistance And Low Monthly Payments on New Two-Bedroom Lofts For Those Making Under $68,000 — Early Registrants Will Increase Their Chances of Being Chosen in The Drawing of Less Than 30 Homes on Saturday, December 10
ATLANTA, November 15, 2011 – As part of its mission to create affordable workforce housing, Atlanta BeltLine, Inc. (ABI) purchased the former “Triumph Lofts” development from a receivership to provide critically-needed affordable for-sale housing in an increasingly desirable part of the city. The development, now named “Lofts at Reynoldstown Crossing,” is located at the intersection of Chester Avenue, Memorial Drive and the Atlanta BeltLine corridor, just north of I-20 and Glenwood Park. The new highly-appointed, spacious two-bedroom, two-bath lofts will be sold in a one-day sale event featuring a drawing of qualified buyers making under $68,000 – the Atlanta area median income – on Saturday, December 10. The one-day drawing will provide an equitable way to give access to this incredible homeownership opportunity for people who might otherwise be unable to purchase intown property. Applicants must register by Wednesday, December 7, and early registrants will increase their chances of being chosen during the drawing. Registration forms and applications are being accepted now.
“This is an unmatched opportunity for us to be able to provide new affordable homes right on the Atlanta BeltLine, in the historic Reynoldstown neighborhood,” said Brian Leary, president and CEO of Atlanta BeltLine, Inc. “For the homeowners at the Lofts at Reynoldstown Crossing, the Atlanta BeltLine is their backyard – one more demonstration of moving the vision to reality.”
Eligible homebuyers may receive up to $64,800 in down payment assistance, which creates a very affordable first mortgage. Monthly payments including taxes and HOA fees will be under $1,000 per month*. This payment will be much cheaper than renting new two-bedroom apartments in the area. Of those homes, three will be part of a Community Land Trust (CLT), ensuring that their affordability will be permanently preserved. The CLT homes will be targeted to City of Atlanta and Fulton County teachers and first responders with up to $100,000 in down payment assistance available for qualified applicants.
All homes at Lofts at Reynoldstown Crossing are new two-bedroom, two-bathroom lofts featuring high-quality finishes and stainless appliances. The development also features a pool, hot tub, electric car charging station, fitness center, club room, rooftop deck and controlled access entrance, in addition to its highly-desirable location on one of Atlanta’s greatest amenities, the Atlanta BeltLine.
The Sales Center, located on site at 890 Memorial Drive, is open daily at 10 a.m. There will be a series of events and open houses to show these homes to the public over the next several weeks leading up to the one-day sale event on Saturday, December 10, including:
• Saturday, November 19 to Sunday, November 20: Second Open House Weekend featuring a V-103 live remote with food, games and prizes, Slider U food truck, a pool-side DJ, giveaways and more.
• Sunday, November 20, Housing Workshop and BeltLine Tour
• Saturday, December 10: One-Day Sale Event featuring a drawing for qualified buyers.
For more information on Lofts at Reynoldstown Crossing or to register for the sale event, please visit www.loftsatreynoldstowncrossing.com, call (404) 521-7787 or visit the sales center.
About the Atlanta BeltLine:
The Atlanta BeltLine is the most comprehensive economic development effort ever undertaken in the City of Atlanta and among the largest, most wide-ranging urban redevelopment projects currently underway in the United States. The Atlanta BeltLine is a sustainable redevelopment project that will provide a network of public parks, multi-use trails, transit and affordable housing along a historic 22-mile railroad corridor circling downtown and connecting many neighborhoods directly to each other. Atlanta BeltLine, Inc. (ABI), formed by the Atlanta Development Authority, is the entity tasked with planning and executing the implementation of the Atlanta BeltLine in partnership with other public and private organizations, including City of Atlanta departments. For more information on the Atlanta BeltLine, please visit www.BeltLine.org.
Please see agent for details. Down payment assistance programs are subject to availability and qualification guidelines. Monthly payment estimate includes HOA &Taxes and is based on the building’s maximum affordable purchase price of $157,900; a projected loan amount of $97,600; up to $64,800 in down payment assistance with an estimated interest rate of 4.25% APR on a 30 year fixed loan. The drawing is subject to the terms and conditions in the Lofts at Reynoldstown Crossing Drawing Rules.
MEDIA CONTACTS:
Ethan Davidson, Atlanta BeltLine, Inc.
(404) 614-8325, edavidson@atlbeltline.org
Liz Lapidus / Kate Thacker
(404) 688.1466, kate@lizlapiduspr.com
