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The Community Housing Development Trust Fund was established in 1989 by the City of Atlanta, the Georgia World Congress Center Authority and Fulton County to support the revitalization of communities adjacent to the Dome Stadium and the Georgia World Congress Center. The City of Atlanta designated the Urban Residential Finance Authority (URFA) as the administrator for the Trust Fund. Through the Trust Fund, loans in the total amount of $8 million were made to developers, community development corporations and homebuyers to provide for new and rehabilitated rental housing as well as homeownership opportunities. The repayment dollars from these loans revolves into a program income account and are used to make additional loans for eligible housing development in the Vine City and English Avenue communities.
Eligible Applicants Must:
- Be a 501(c)3 non-profit or for profit developer in good standing
- Demonstrate the capacity to construct and develop a residential development project
- Demonstrate success in leveraging additional funds from both public and private sources
- Have experience commensurate with the scope and size of the proposed project
Eligible Properties Must:
- Be located within the Vine City Trust Fund Area. The eligible Vine City Trust Fund Area is bounded by:
- Donald Lee Hollowell Parkway on the north
- Joseph E. Lowery Boulevard on the west
- Martin Luther King, Jr. Drive, Walnut Street, Beckwith Street as extended to Walker Street on the south
- Martin Luther King, Jr. Drive and Northside Drive on the east
- Serve a population at or below 60% of AMI for rental housing projects, with a minimum of twenty percent (20%) of the units set aside of this population
- Market and sell a percentage of the "for-sale" units in the total development to families of two or less not in excess of 100% of AMI with purchase price less than $252,890 or current 203 FHA limit
- Provide for long-term affordability provisions of 15 years or more for rental; 10 years for single family
Eligible Loans:
- May finance, in part, the acquisition, construction, or renovation of multifamily and single family housing for low and moderate income families
- May not exceed 20% of the total capital expenditures (excluding fees paid to a developer or its Affiliates)
- May be used for rental or homeownership development and will not be made or unconditionally committed to be made unless secure funding sources for the balance of the total project cost of the housing project exist
- Will be evidenced by a promissory note and shall be secured by a deed to secure debt
- Will have a below market interest rate fixed for the loan term
PDF: Fillable Community/Housing Development Trust Fund 2008 Multifamily Application
PDF: Fillable Community/Housing Development Trust Fund 2008 Single Family Application
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