Homeowners in Atlanta might be eligible for $9 million in forgivable loans for home improvements if they meet the requirements of a new anti-displacement plan from Mayor Keisha Lance Bottoms.
Atlanta intends to help some of its citizens maintain their homes. Mayor Keisha Lance Bottoms announced a plan that will extend forgivable loans to qualifying applicants like low income seniors. "With loans capped at $30,000 for most households, the program will prioritize repairs targeting health and safety, energy efficiency, and deferred maintenance," Jared Brey writes for Next City. Part of the purpose of this plan is to help people who don't want to leave their neighborhoods stay in their homes. Some might stay if they had the opportunity to maintain their homes. "Loans will be forgiven after ten years, with ten percent of the loan being forgiven each year. If a homeowner sells the house or moves during that time, the remainder of the loan will come due," Brey reports.
The application process for this program will open April 4 and stay open for one month. "The loan programs will be administered by a handful of independent organizations, including Synergy Real Estate, House Proud, National Property Institute, Executive Realty Solutions, and Meals on Wheels," Brey reports.
Read the full story: New Mayor Wants to Preserve Homeownership as Displacement Looms
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