Understanding that homeownership is the single most powerful strategy for closing the economic gap in our communities, Atlanta Housing is committed to addressing the urgent challenge of housing affordability with a compelling approach to expand access to homeownership. Through our Down Payment Assistance (DPA) Program, Atlanta Housing works with lenders to provide subsidy loans, which are fully forgiven when the homeowner occupies the property as their primary residence for 10 years. Eligible first-time homebuyers can receive up to $25,000. To date, the program has collectively helped over 1,900 families and funded more than $30 million in down payment assistance.
Equally important to the financial assistance, the DPA Program ensures that participants receive educational resources and counseling on responsible homeownership. Our participants take a mandatory 8-hour homebuyer education session from a HUD-approved provider and receive programmatic counseling support from our lender relationships. The result? A foreclosure rate of less than 2% among AH Down Payment Assistance (DPA) recipients—a testament to the effectiveness of our comprehensive approach. We are committed to setting up DPA recipients for long-term success, empowering them to buy their first home, stay in that home, and positively shape their communities.
It’s incredible to see how far we’ve come. In the early years, the AH DPA program served about 30 loans per year. Today, that number has grown to approximately 240 loans annually, representing an investment of approximately $5 million each year. This significant growth is largely due to the strong relationships we’ve cultivated with lenders. We view lenders as our customers, while the borrowers—our DPA recipients—are the ultimate beneficiaries.
Initially, we faced a prevalent stigma among lenders that assistance programs were too cumbersome and bureaucratic. To counter this, we aligned our program with mortgage industry lending standards, formalized our underwriting decisions, and adopted a customer-focused approach. We believe this exceptional service has fostered allegiance from lenders. Today, we have a ‘village’ of over 90 loan officers working with more than 40 lenders, many of whom have championed our program even as they moved to new companies.
We now offer guidance to other public housing agencies on expanding their homeownership assistance programs, and our advice is simple: make sure you have a comfortable pair of shoes! In the early years, we tirelessly promoted the program with a passion for our mission and a hands-on marketing approach. My small, dedicated team frequented community events to connect with stakeholders who shared our vision of empowering people to achieve homeownership and build generational wealth. Our progress would not be possible without these community partners, who speak positively of us in rooms we are not yet in.
Looking ahead, we are incredibly optimistic about the future. Our team’s dedication has always been unwavering and we are more prepared than ever to propel our program to new heights, creating a more inclusive future for homeownership in Atlanta.
