Monday, March 8, 2010

On January 12, 2010, the Urban Residential Finance Authority (URFA), a subsidiary of the Atlanta Development Authority (ADA), was allocated $25 million by the New Issue Bond Program (NIBP) to finance 30-year fixed-rate mortgages, with an anticipated interest rate of between 5 and 5.125 percent. This allocation must be disbursed by December 31, 2010. URFA is currently accepting applications from lending institutions that wish to participate in the single-family NIBP.

"In an economically challenging housing market, we are proud to be in a position to make the dream of homeownership a reality for 180 families this year," says Dawn Luke, deputy managing director of housing finance for the ADA.

Eligible properties must be located within the city of Atlanta and can be newly constructed, existing or foreclosed. The maximum purchase price of a home is $374,268 inside the target area and $306,219 outside the target area. Borrowers purchasing homes in the target area do not have to be first-time homebuyers, but they must sell their current residence before closing on the new property. Outside the target area, buyers should be purchasing their first home and should not have had an ownership interest in a principal residence for the past three years. Loans must be FHA, Fannie Mae or Freddie Mac insured loans. Income limits apply.

Buyers may also qualify for the Opportunity Bond or Beltline Affordable Housing Trust Fund mortgage assistance loans, which provide the borrowers with additional downpayment assistance of 10 to 20 percent of the sales price.

URFA has provided assistance to development projects that have contributed $1 billion in construction and mortgage investment to the city of Atlanta since 2002. Using a variety of financial tools such as tax-exempt bonds, federal neighborhood stabilization dollars and housing and homeless opportunity bonds, URFA contributed to the creation of more than 8,600 housing units in the city, where 70 percent are considered affordable for working-class families.

Thursday, February 25, 2010


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