Housing
Community HOME Investment Program (CHIP)
Provides grants to local governments to fund any eligible activity under the HOME program, except tenant-based rental assistance. Funds may be used for new construction, rehabilitation, or acquisition of single-family or multi-family rental housing that is affordable to low-to-moderate income households.
Contact Georgia Department of Community of Affairs.
Federal Housing Tax Credit
This is a 10-year federal tax incentive to attract private investment for the development of affordable rental housing. The capital raised through the sale of the tax credit reduces the amount of debt needed for development, allowing reduced rents. In exchange for the tax credit, owners agree to maintain the property in good condition and to rent a percentage to low-income residents for a period of at least 15 years. The program is currently able to allocate only $1 in federal tax credits for every $4 requested.
Contact Georgia Department of Community Affairs.
Home Buyer
Program offering fixed, low-interest rate loans to qualified homebuyers. Rates typically average 1% below market rate and the average household income for qualified applicants is $27,000. Typical occupants include firemen, teachers, police officers, bank tellers and secretaries. Applications are handled directly by the private lenders.
Contact Georgia Department of Community Affairs.
HOME Investment Partnership
Provides resources to state and local governments to strengthen public/private partnerships to provide a greater supply of affordable housing. The state and 9 metro participants (including Athens) receive an annual formula allocation of these funds.
Contact U.S. Department of Housing and Urban Development (HUD).
Low-Rent Public Housing Program
Provides a subsidy of capital costs and those operating costs of publicly owned housing in excess on 30% of tenant income. The program is administered through local public housing authorities.
Contact U.S. Department of Housing and Urban Development (HUD).
OwnHOME
Provides assistance to qualified homebuyers to cover the down payment, closing costs and prepaid items associated with purchasing a home. The program is a deferred payment second mortgage with 0% interest. Borrowers must repay the loan upon selling, moving, or refinancing. Loans typically range from $1,000 to $5,000, and are directed towards rural housing development and helping the disabled purchase their own home.
Contact Georgia Department of Community Affairs.
Rural Rental Housing Development Fund
Uses HOME funds to provide loans and grants to rural public housing authorities for the construction of up to 10 new rental housing units. Training and technical assistance for the housing authorities and staff is also provided.
Contact Georgia Department of Community Affairs.
Section 202 Supportive Housing for the Elderly
Provides funding to expand the supply of housing with supportive services for elderly persons. Financing may be made available as a non-interest bearing advance for the construction or rehabilitation of housing or as project-based rental assistance. Applications may be made by eligible nonprofit organizations.
Contact U.S. Department of Housing and Urban Development.
Section 502 Direct Loan
Offers loans to individuals or families who are low-to-moderate income households, for the purchase of a home. Appropriations for this program are generally not sufficient to meet the demand. The FY2001 national appropriation was $1.1 million.
Contact U.S. Department of Agriculture.
Section 502 Guaranteed Rural Housing Loan
Provides a guarantee for loans made by private lenders. Households may borrow up to 100% of the value of the home, eliminating the down payment.
Contact U.S. Department of Agriculture.
Section 504 Home Improvement and Repair Loan and Grant
Offers loans and grants for renovations and to make homes accessible for people with disabilities. Homeowners aged 62 and older are eligible for this assistance. Other low-income families may receive these funds at a 1% interest rate.
Contact U.S. Department of Agriculture.
Section 515 Rural Rental Housing Loan
Provides direct loans to developers of affordable rural multi-family housing. Interest rates may be subsidized to as low as 1%. Funds can be used to construct new rental housing complexes or to repair and rehabilitate existing units.
Contact U.S. Department of Agriculture.
Section 521 Rental Assistance
Provides rent subsidies to low-income families and special-needs residents of multi-family housing complexes built under the USDA rural rental housing programs.
Contact U.S. Department of Agriculture
Section 523/524 Rural Housing Site Loans
Offers loans for the purchase and development of affordable housing sites in rural areas for low-to-moderate income families. Local governments and public housing authorities are eligible for funding.
Contact U.S. Department of Agriculture.
Section 811 Supportive Housing for Persons with Disabilities
Provides funding to nonprofit organizations to develop, construct or rehabilitate rental housing with supportive services for very-low income persons with disabilities. The interest-free capital advances do not have to be repaid as long as the housing remains available for the targeted population for at least 40 years.
Contact U.S. Department of Housing and Urban Development.
Northeast Georgia Regional Development Center
Planning Department •
305 Research Drive •
Athens, GA 30605
Phone: (706)369-5650 • Fax: (706)369-5792