Homeownership represents the very essence of the American Dream, providing individuals and families with stability, financial security, and a sense of pride. Unfortunately, for many aspiring homeowners, the hurdle of amassing the necessary down payment funds proves insurmountable. To counter this challenge, in 2005, we at Atlanta Housing (AH) established the Down Payment Assistance Program (DPA), an initiative designed to bridge the gap and make homeownership a reality for eligible first-time homebuyers. Thanks to the invaluable assistance provided by our DPA Program, over 1,600 families have achieved their dreams of owning a home.
Our DPA Program provides subsidy assistance to low-to-moderate-income individuals and families who meet the program’s eligibility requirements. Eligible participants of the program receive funds up to $25,000, which can be allocated toward the down payment, closing costs, and other associated expenses involved in purchasing a home. Working with our local lenders, we ensure a seamless integration of the DPA funds into the homebuying process. This strategic partnership enables qualified buyers to access competitive loan products and favorable terms, enhancing their purchasing power.
Over the past five years alone, Atlanta Housing has invested more than $28.6 million in down payment assistance, benefiting first-time homebuyers like Brion Grady. Brion credits her successful journey to homeownership to the invaluable guidance provided to her by her lender and mortgage loan officer, as well as our AH Homeownership Program Specialist. The $20,000 she received from our Down Payment Assistance Program empowered her to remain a vital part of her beloved community and to begin acquiring generational wealth.
“Atlanta Housing gave me the confidence to know that I deserve homeownership, and I deserve prosperity in Atlanta, just like everyone else,” shared Brion, emphasizing the transformative impact of our program.
Providing homeownership opportunities for those in need is work that we simply cannot do alone. From homebuyer educators to loan officers and everyone in between, it takes the collaboration and dedication of many to accomplish a successful program of this magnitude. Atlanta Housing recently had the privilege of recognizing some of these key players while also celebrating the accomplishments of our dedicated AH team , who all make this work possible. It was a wonderful opportunity to express our gratitude to all those who have played a vital role in helping Atlanta Housing to open doors to the American Dream for so many Atlantans.
To learn more about DPA eligibility requirements and participating lenders, please visit our website at https://atlantahousing.org/housing-programs/down-payment-assistance.
-Patricia Evans, Director, Homeownership Programs at Atlanta Housing