|Sponsor Eligibility||15% of HOME funds Set-Aside of HOME funds for CHDO’s as owner, developer, sponsor with 10% available for soft costs.|
|Types of Projects Funded||May finance, in part, the acquisition, construction, or renovation of multifamily housing for low and moderate income families.
Second mortgage loans (gap financing)
Projects must be in the City of Atlanta.
|Affordability Requirements||Rental: All units must be occupied by households earning no more than 80% of AMI. 20% of units for 50% of AMI, 20% of units for 60% of AMI.
20 years for new rental construction.
5-15 years for rehabilitation of existing units; affordability period based on HOME investment per unit.
|Funds Available Per Project||Max = $1,000,000 per development.
Maximum of $40,000 per HOME assisted unit.
Will have an interest rate of up to 3%.
***Invest Atlanta is a subrecipient of City of Atlanta Home Funding; Funds are not always available.
|Primary Contact||Alan Ferguson
Vice President, Housing and Special Initiatives
Community Development Division
133 Peachtree Street, Suite 2900
Atlanta, GA 30303
|Link||Click for more information.|