ATLANTA, July 09, 2024 (GLOBE NEWSWIRE) -- 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 Atlanta
FHLBank 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 Affairs
The 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 Touchton
stouchton@fhlbatl.com
404.716.4296
Media Contact for DCA Georgia
Justin Vining
Justin.vining@dca.ga.gov
470.371.5127
