Atlanta Renewal of the Housing Initiative Program
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.
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.
The Beltline is a former railway corridor around the core of Atlanta, Georgia, under development in stages as a multi-use trail. Some portions are already complete, while others are still in a rough state but hikeable. Using existing rail track easements, the Beltline is designed to improve transportation, add green space, and promote redevelopment. There are longer-term visions for streetcar or light-rail lines along all or part of the corridor.
The total length will be 22 miles, running about 3 miles on either side of Atlanta’s elongated central business district. It is planned to include a neighborhood-serving transit system (likely streetcars); footpaths for non-motorized traffic, including bicycling, rollerskating, and walking; and the redevelopment of some 2,544 acres.
HIP appears to be a popular program and because of the overflow of applications, needs to add more money and involve not just first time home buyers but higher income families. It makes sense to expand the program. More homeowners improving their homes on or near the beltline will have a side benefit of reducing the crime potential.
At Val Buys Houses LLC we specialize in helping homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home, we buy cash, therefore we can help you sell it fast to resolve any situation, or give you as much time as you need.
We care about our community in Cobb county and Atlanta. At Val Buys Houses LLC we take a lot of pride in providing excellent customer service. We have come across all scenarios, we are not here to judge; only to help.
Give us a call today at 404-844-8845 and let us see if we can help YOU!