Federal Home Loan Bank of Atlanta and Georgia Department of Community Affairs Partner to Increase Down Payment Assistance for Homebuyers

ATLANTA, July 09, 2024 (GLOBE NEWSWIRE) — Two local organizations are joining forces to increase down payment assistance available to eligible homebuyers in Georgia.

The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) and the Georgia Department of Community Affairs (DCA), which each offer down payment assistance programs, allow homebuyers to receive financing from both programs for up to $27,500 to put toward the down payment and closing costs.

This opportunity is available through the following lenders, who are members of FHLBank Atlanta and participate in DCA programs:

“Rising home prices and inflation have created an extremely challenging market for prospective homeowners,” said Kirk Malmberg, president and CEO of FHLBank Atlanta. “With similar down payment assistance programs and a number of common banking providers, we have partnered with DCA to create an opportunity to increase the amount homebuyers can receive to help with the down payment and closing costs of a home.”

In February, FHLBank Atlanta announced it would make $40 million available for down payment and closing cost assistance in 2024 through its First-time Homebuyer and Community Partners programs, with borrowers eligible for up to $15,000 to purchase a home. DCA’s Georgia Dream Homeownership program provides up to $12,500 per borrower. By working with a participating lender, borrowers can receive financing from both programs for a combined grant of up to $27,500.

Interested homebuyers can work with a participating lender to determine eligibility and apply. Homebuyers must meet program and income requirements established by the FHLBank Atlanta and DCA programs and complete homebuyer counseling. Additional details on eligibility requirements for each program are available on the FHLBank Atlanta website and the DCA website.

“DCA is committed to collaborating with organizations that share a mission to increase homeownership opportunities and strengthen communities,” said DCA Commissioner Christopher Nunn. “We are proud of the Georgia Dream Homeownership program and know that by combining it with FHLBank Atlanta’s program funding, we will help more Georgians achieve homeownership.”

FHLBank Atlanta member financial institutions may contact the Georgia DCA Office of Homeownership to become a participating lender.

About Federal Home Loan Bank of Atlanta
FHLBank Atlanta provides competitively priced financing, community development grants and other banking services to help member financial institutions provide affordable housing loans and economic development credit to neighborhoods and communities. The bank’s members include commercial banks, credit unions, thrifts, community development financial institutions and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System. Since 1990, FHLBanks have provided approximately $8 billion in affordable housing program funding, helping approximately 1.1 million households.

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About the Georgia Department of Community Affairs
The Georgia Department of Community Affairs partners with communities to build strong, vibrant neighborhoods, commercial and industrial areas through community and economic development, local government assistance, and safe, affordable housing. Using state and federal resources, DCA helps communities stimulate private sector job creation, implement planning, develop downtowns, generate affordable housing solutions, and promote volunteerism. DCA also helps qualified low- and moderate-income Georgians purchase homes, rent homes, and prevent foreclosure and homelessness. For more information, visit www.dca.ga.gov.

Media Contact for FHLBank Atlanta:
Sheryl Touchton
[email protected]
404.716.4296

Media Contact for DCA Georgia
Justin Vining
[email protected]
470.371.5127