A new citywide initiative has been launched to strengthen affordable housing opportunities in the City of Atlanta to help low income residents avoid displacement, according to a press release. The initiative includes three unique Heritage Owner-Occupied Rehab programs – which provide forgivable loans to residents to make critical health and safety repairs on their homes. The program is being implemented by Invest Atlanta with support from the Atlanta Housing Authority and Choice Atlanta.
Geared toward seniors, veterans, disabled heads of households, and families who have lived in their homes for at least five years, these Heritage programs will collectively reinvest more than $9 million in areas such as the Westside TAD and Choice Neighborhoods. They include one citywide program, Atlanta Heritage, and two neighborhood-specific programs:
Atlanta Heritage: The $5 million citywide program will provide up to $30,000 to eligible City of Atlanta homeowners, and is funded under the Housing Opportunity Bond, a $40 million bond issuance unanimously approved and supported by Atlanta City Council in March 2017;
Westside Heritage: The $2 million OOR program is for residents in Westside TAD neighborhoods (Vine City, English Avenue and portions of Castleberry Hill), and is funded by the Vine City Trust Fund and Westside TAD tax increment financing;
Choice Neighborhoods Heritage: A $2 million OOR program for residents in the Choice Neighborhoods (Ashview Heights and Atlanta University Center Communities) and is supported by a Choice Neighborhoods Implementation Grant, as well as City of Atlanta and Atlanta Housing Authority Moving to Work funds.
The Heritage OOR programs are part of a larger goal of investing $1 billion from public and private sources to support affordable housing in Atlanta.
Information: www.investatlanta.com/owneroccupiedrehab
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