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Housing Opportunity Funds may be used to acquire land and pay the cost of demolition and site improvement. Land purchased with these funds may be held for future affordable housing developments within targeted areas (excluding Tax Allocated Districts areas).
Eligible Applicants Are:
- URFA
- City of Atlanta
- Atlanta/ Fulton County Land Bank Authority
- Any other Entity approved by the City, acting through its legislative process
Eligible Projects Must:
- Be vacant land located within city limits of Atlanta that is conducive for future affordable multifamily rental, single family, and senior developments;
- Serve a population at or below 60% of Atlanta Area Median Income (AMI) for rental housing projects;
- Market and sell a percentage of units in the total development to families of two or less not in excess of 100% of AMI and families of three or more not in excess of 115% of AMI with purchase price less than $252,890 or current 203 FHA limit.
Eligible Loans:
- May finance the following:
- Land Acquisition
- Purchase option on contract deposit
- Cost of demolishing improvements on land
- Fee associated with clearing title
- Other Acquisition Costs
- Taxes & Insurance
- Appraisals
- Legal Fees
- Rezoning
- Surveys
- Environmental assessments
- Market Analyses
- Will be evidenced by a promissory note and shall be secured by a deed to secure debt; and
- Will have a below market interest rate for the loan term
Implementation:
Vacant properties will be identified, acquired, and deposited into the Land Bank Authority for the clearing of title and liens. Properties would then be sold to non-profit and profit developers that have significant experience in redeveloping vacant land and can identify the highest and best use of the property with an affordable workforce housing component.
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