Invest Atlanta Announces Owner Occupied Rehab Program Launch

8/28/2023

Councilmember Marci Collier Overstreet, recently sent out information regarding Invest Atlanta's Owner Occupied Rehab Program. I wanted to share that information with Buckhead residents as well.
Invest Atlanta and the City of Atlanta will offer a deferred forgivable loan program that provides up to $30,000 to eligible City of Atlanta homeowners for specific health and safety repairs of major systems on their home. The loan will be either 5 or 10 years at a 0% interest rate with payments deferred and forgiven until the earlier of loan maturity, sale, transfer of ownership, or failure to maintain the property as the primary residence during the term of the loan.

Direct construction amounts of $15,000 or less have a 5-year term, and direct construction amounts over $15,000 will have a 10-year term. The principal balance is reduced by 10% or 20% annually provided the eligible homeowner maintains primary residency. The prorated remaining balance is due and payable immediately if the home is sold, transferred, or no longer the primary residence during the term of the loan. A lien will be placed on the home.

PRELIMINARY GUIDELINES (subject to change prior to application launch)

Homeowner must reside within the City of Atlanta, excluding the Westside Tax Allocation District
Must be a primary homeowner and existing resident of the property at least five (5) years prior to application.
Annual Household Income must not exceed 60% of area median income (“AMI”; adjusted for household size, limitations may apply).
- 60% of AMI = 1 Person Household ($42,900) -
- 2 Person Household ($49,020)
- 3 Person Household ($55,140) -
- 4 Person Household ($61,260)
- 5 Person Household ($66,180)
- 6 Person Household ($71,100)
- 7 Person Household ($76,020)
Senior households aged 65+, Military Veterans, Disabled Head of Households and those that have been in their homes for 15+ years will have a priority in the program.
Homeowners with 1st and 2nd mortgage liens are permitted, provided all mortgages are current and not in default.
Homeowners with outstanding tax liens, water liens without a payment plan, FIFAs, etc. are ineligible for the program.

ELIGIBLE REPAIRS
Interior
HVAC/Furnace/Duct work
Hot Water Heaters
ADA Improvements
Doors/Windows
Minor Electrical
Minor Plumbing

Exterior
Roofs
Gutters
Porch/Deck
Walkway/Stairs/Driveway
Siding/Exterior Painting

GET PREPARED

Homeowners are invited to attend a community information session. At these sessions, Invest Atlanta will provide detailed program information and an opportunity for homeowners to ask questions. Most importantly, applications for the program will be provided at each community engagement event.

Thank you for giving me the opportunity to represent you in District 8! I welcome your feedback and you can always reach me or my Chief of Staff at City Hall or at home:

City - [email protected] (404) 330-6051
Home - [email protected] (404) 824-1014
Chief of Staff, Jim Elgar - [email protected] (470) 727-7160

Invest Atlanta Announces Owner Occupied Rehab Program Launch

UHNA News

Categories