The Atlanta City Council has approved the allocation of $16.2 Million as part of the Neighborhood Stabilization Program (NSP). 18 selected agencies will address foreclosed and abandoned residential properties in neighborhoods that have been devastated with foreclosure.
The Department of Housing and Urban Development’s (HUD) NSP provides targeted emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise because sources of abandonment in communities. According to the Equity Depot, a foreclosure listing service, from January 2006-April 2009, 37,883 homes in the City of Atlanta have been listed in foreclosure.
Atlanta has allocated its funds to acquire land and property; to demolish or rehabilitate abandoned properties; and/or offer down payment and closing cost assistance to low-to-middle income homebuyers.
“It will take much more work and funding to completely turn around the City of Atlanta’s housing crisis, especially in the most devastated neighborhoods,” said Mayor Shirley Franklin. “Through the NSP, however, we will act quickly to stabilize and redevelop these properties that might otherwise serve as a source of growing blight.”
The City of Atlanta is partnering with organizations such as Habitat for Humanity, Resources for Residents and Communities (RRC), the Urban Residential Finance Authority (URFA), the Annie E. Casey Foundation and others.
For more information and a list of selected affordable housing partners, please visit Foreclosure Info page or email bureauofhousingnsp@atlantaga.gov.
As a reference, please see the AMI chart below.
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2009 Atlanta MSA Household Income Limits |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
|
50% AMI
(Low Income) |
$25,100 |
$28,700 |
$32,250 |
$35,850 |
$38,700 |
$41,600 |
$44,450 |
$47,300 |
|
80% AMI
(Low-Moderate Income |
$40,150 |
$45,900 |
$51,600 |
$57,350 |
$61,950 |
$66,550 |
$71,100 |
$75,700 |
|
120% AMI
(Middle Income) |
$60,250 |
$68,850 |
$77,450 |
$86,050 |
$92,900 |
$99,800 |
$106,700 |
$113,550 |
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For more information about this and services of the City of Atlanta visit our website at www.atlantaga.gov or watch City Channel 26