Program seeks to create equity as the Beltline expands.
A program which helps homebuyers live along the Beltline has recently been renewed.
At a May 12 event, The Atlanta Beltline, Inc (ABI) along with Federal Home Loan Bank (FHLB) announced to member banks the renewal of the Housing Initiative Program (HIP). The program is in its second year.
The initiative offers assistance in two ways – downpayment assistance and owner-occupied rehabilitation – for households making 80% or less of the area’s median income within a half mile of the Beltline.
The goal is to keep homeowners in their homes, and give lower income families the opportunity to own a home by the trail.
“We want everyone to benefit from what we’re doing around the Atlanta Beltline,” Paul Morris, President and CEO of ABI told attendees.
He along with other officials want to take a “mindful and proactive” approach to the Beltline’s effect on property values in areas where the Beltline is forthcoming.
Homebuyers can qualify for up to $45,000 of assistance and existing homeowners can receive up to $25,000 for rehabilitation of existing properties. However, due to an overflow of applications in the program’s first year, rehab applications are closed for the coming year.
Some member banks say that the HIP has been especially helpful for millennials and young families who have the desire of living along the Beltline but carry the burden of student debt. A video from the organization tells the story of a young family who benefitted from the program when buying their first home.
James Alexander, Housing Policy & Development Manager at ABI told What Now Atlanta Thursday that owner-occupied rehabilitation is a newer component of the assistance that the organization offers homeowners and homebuyers.
However, since 2006, ABI has supported the creation of 250 units of affordable workforce housing throughout the city. In addition, the organization has “influenced or supported” another 750 units through a partnership with Invest Atlanta.