Federal Home Loan Bank of Atlanta and Georgia Department of Community Affairs Partner to Increase Homebuyer Downpayment Assistance
2024年7月9日 - 11:03PM
Two local organizations are combining efforts to increase
downpayment assistance available to eligible Georgia homebuyers.
The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) and the
Georgia Department of Community Affairs (DCA), which each offer
downpayment assistance programs, are making it possible for
homebuyers to receive funding from both programs for up to $27,500
to put toward downpayment and closing costs.
This opportunity is available through the following lenders,
which are FHLBank Atlanta members and participate in DCA’s
programs:
- Ameris Bank
- BankSouth
- Capital City Bank (Capital City Home Loans)
- Colony Bank
- FirstBank
- Movement Bank (Movement Mortgage)
- Presidential Bank, FSB
- ServisFirst Bank
- Southern First Bank
- Synovus Bank
- Townebank
- Truist Bank
“Rising home prices and inflation have created an extremely
challenging market for prospective homeowners,” said Kirk Malmberg,
President and CEO of FHLBank Atlanta. “With similar downpayment
assistance programs and a number of common bank providers, we
partnered with DCA to create an opportunity to increase the amount
that homebuyers can receive to put toward downpayment and closing
costs on a home.”
In February, FHLBank Atlanta announced that it was making $40
million available for downpayment and closing cost assistance in
2024 through its First-time Homebuyer and Community Partners
programs, with borrowers eligible for up to $15,000 to purchase a
home. DCA’s Georgia Dream Homeownership Program offers up to
$12,500 per borrower. By working through a participating lender,
borrowers can receive funding from both programs for a combined
grant of up to $27,500.
Interested homebuyers can work with a participating lender to
determine eligibility and to apply. Homebuyers must meet program
and income requirements established by FHLBank Atlanta and DCA
programs and complete homebuyer counseling. Additional details on
eligibility requirements for each program are available on FHLBank
Atlanta’s website and DCA’s website.
“DCA is committed to partnering with mission-aligned
organizations to increase homeownership opportunities and make
communities stronger,” said DCA Commissioner Christopher Nunn. “We
are proud of the Georgia Dream Homeownership Program and know that
by combining it with funding from FHLBank Atlanta’s program, we
will help more Georgians achieve homeownership.”
Financial institution members of FHLBank Atlanta can contact
Georgia DCA’s Office of Homeownership to become a participating
lender.
About the Federal Home Loan Bank of
AtlantaFHLBank Atlanta offers competitively-priced
financing, community development grants, and other banking services
to help member financial institutions make affordable home
mortgages and provide economic development credit to neighborhoods
and communities. The Bank's members are commercial banks, credit
unions, savings institutions, community development financial
institutions, and insurance companies located in Alabama, Florida,
Georgia, Maryland, North Carolina, South Carolina, Virginia, and
the District of Columbia. FHLBank Atlanta is one of 11 district
banks in the Federal Home Loan Bank System. Since 1990, the
FHLBanks have awarded approximately $8 billion in Affordable
Housing Program funds, assisting approximately 1.1 million
households.
About Georgia Department of Community
AffairsThe Georgia Department of Community Affairs
partners with communities to build strong and vibrant
neighborhoods, commercial and industrial areas through community
and economic development, local government assistance, and safe and
affordable housing. Using state and federal resources, DCA helps
communities spur private job creation, implement planning, develop
downtowns, generate affordable housing solutions, and promote
volunteerism. DCA also helps qualified Georgians with low and
moderate incomes buy homes, rent housing, and prevent foreclosure
and homelessness. For more information, visit www.dca.ga.gov.
Media Contact for FHLBank Atlanta: Sheryl
Touchtonstouchton@fhlbatl.com404.716.4296
Media Contact for DCA GeorgiaJustin
ViningJustin.vining@dca.ga.gov470.371.5127