Georgia residents have access to several grant programs for first-time home buyers.
Grant opportunities for first-time homeowners in Georgia are sponsored by organizations such as the Georgia Department of Community Affairs, the CDC Federal Credit Union and the United States Department of Housing and Urban Development (HUD). Generally, applicants must meet income requirements, have not purchased a house in the last three years, or plan to buy a house in an area that qualifies them for grant money.
Georgia Dream Homeownership Program
The Georgia Department of Community Affairs (DCA) runs the Georgia Dream Homeownership Program, which aims to help qualified buyers buy a house. Candidates don't necessarily have to be first-time home buyers, but if they aren't, they must not have bought a home in the previous three years. Another qualifying option is to buy a home in a designated area. There are also income-based requirements depending on county. Successful applicants will receive between $5,000 and $7,500 in assistance money to be used toward a down payment.
Georgia Department of Community Affairs
60 Executive Park South, NE
Atlanta, GA 30329
800-359-4663
dca.ga.gov
American Dream Downpayment Initiative
HUD enacted the American Dream Downpayment Initiative (ADDI) to help first-time home buyers whose income falls below 80 percent of the local median income. According to HUD, the grant money must be used to pay for up-front costs, or those costs the home buyer, locality or lender acquire during the process. In certain cases, a restricted amount of the money may be used to rehabilitate a home.
American Dream Downpayment Initiative
c/o Rhonda Ducharme
Bureau of Housing
Atlanta, GA
404-330-6727
hud.gov
CDC FCU/FHLB Atlanta First-Time Homebuyer Grant Program
In 1949, a group of employees from the Centers for Disease Control and Prevention (CDC) founded the Federal Credit Union (FCU). Today, the CDC FCU has four locations and a clientele of more than 16,000. In collaboration with the Federal Home Loan Bank of Atlanta, the CDC FCU offers a Mortgage Grant Program that provides grants for down payments. Buyers who contribute $1,000 toward a down payment will receive $5,000 in assistance. Those who contribute $2,000 will receive $10,000, which is the maximum grant amount. The grant is forgiven at a rate of 20 percent each year, but if the recipient moves before five years have passed, the remaining balance must be re-paid.
CDC FCU
Executive Park Branch
57 Executive Park South, Suite 130
Atlanta, GA 30329
678-553-5379
cdcfcu.com
Consumer Home Ownership and Independence Choices for Everyone -- CHOICE
The Georgia Department of Community Affairs established the Consumer Home Ownership and Independence Choices for Everyone (CHOICE) program to assist disabled home buyers. The grant ranges from $7,500 to $10,000, and to qualify, candidates must provide both a determination letter from Social Security and proof that no funding is available to them from the organization. Additionally, candidates must provide evidence of an SSA-recognized disability. To receive the grant, $500 must be contributed and Home Buyer Education (HBE) must be obtained from a HUD or DCA-approved counselor. Alternatively, the DCA will accept HBE from a certified housing counselor.
Georgia Department of Community Affairs
60 Executive Park South, NE
Atlanta, GA 30329
800-359-4663
dca.ga.gov
Tags: Community Affairs, Department Community, Department Community Affairs, Georgia Department, Georgia Department Community, Executive Park, home buyers