ATLANTA, April 7, 2015 — Effective April 1, 2015, the U. S. Department of Housing and Urban Development increased the Area Median Income for the Atlanta area to $68,300. As a result, more homebuyers and homeowners may now qualify for assistance through the Atlanta BeltLine Housing Initiative Program (HIP). Applicants for the program must earn 80 percent or less than the area median income. The change raises the maximum household income requirements by approximately $2,000 to $3,000.
Funding is available from Atlanta BeltLine, Inc. (ABI) and the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) to help citizens purchase homes and to assist homeowners with minor repairs. Qualified customers will work with FHLBank Atlanta member banks on silent second and third mortgages, which means the customer does not pay monthly principle or interest payments on the home. Eligible properties include single-family homes or condos and owner-occupied homes in need of basic rehabilitation within the Atlanta BeltLine Planning Area. Properties for purchase or rehabilitation must serve as the primary residence.
Below are the updated income caps:
- 1-Person Household – $38,248
- 2-Person Household – $43,712
- 3-Person Household – $49,176
- 4-Person Household – $54,640
- 5-Person Household – $59,011
- 6-Person Household – $63,382
- 7-Person Household – $67,753
- 8-Person Household – $72,124
Interested homebuyers or homeowners should visit www.AtlantaBeltLinehomes.com to find more information and to begin an application. Applications for rehabilitation loans are due April 13, 2015.
Media contacts:
Ericka Brown Davis, Atlanta BeltLine, Inc.
(404) 477-3660, edavis@atlbeltline.org
Meredith Moses, FHLBank Atlanta
(404) 888-8145, mmoses@fhlbatl.com
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