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Fulton County Awarded over $3 Million from HUD to Help Stabilize Neighborhoods and Help Home Buyers | News

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Fulton County Awarded over $3 Million from HUD to Help Stabilize Neighborhoods and Help Home Buyers
News, Real Estate

Atlanta, GA-- In Atlanta, like many cities, there are entire neighborhoods underwater and in foreclosure. For some of them, the Neighborhood Stabilization Program has literally been a lifeline. Georgia just received $50 million for its third installment of the funds.

"All of the recipients of NSP1 money in the state of Georgia have obligated 100 percent their money," said Edward Jennings, the Southeast Administrator for Housing and Urban Development.

On Wednesday, Atlanta city officials announced that they're getting nearly $5 million as part of the new infusion of HUD money. It will give even more people access to homes that they might not otherwise be able to afford.

"Giving people hope for the future," said Rep. Hank Johnson. "It's a classic shift from Wall Street to Main Street. It's exactly what this country needs."

The program creates jobs and opportunity. The problem is many potential buyers don't know they qualify.

"Homebuyers really need to pursue looking into buying these homes as much as they can," said Dawn Landau, the co-owner of Environs Residential. "[The funds] are not going to be around forever, and they really do add a lot of value to the homes that we're renovating."

Landau was one of the first to take advantage of Atlanta's Neighborhood Stabilization Program money, renovating blighted homes into top-of-the-line restorations. She says the incentives and discounts available make buying a home easier than ever.

"We're required to leave funding in for closing costs and down payment assistance and even principle reduction for homebuyers both with our program and programs that can be layered," Landau said.

A single person making almost $60,000 a year can qualify for an NSP home. So can a family of four with an income of $85,000.

Landau hopes more will take advantage of the opportunity, adding that local officials in Atlanta are planning a giant promotional campaign next month to get the word out.

UPDATE: National Credit Education Services is having a free seminar, at 9:45AM, Saturday, September 11, 2010, to educate our consumers on every aspect of credit. Their office is located at: 981 Joseph E. Lowery Boulevard, Suite 100, Atlanta, GA 30318

 

News, Real Estate