Affordable Homeownership
In an effort to offer more affordable housing choices, the Athens Housing Authority offers homeownership opportunities for families of various income levels. Our ACT I Homes program is for families with moderate incomes while our Protectors program was recently established for families with higher incomes with our newest development - Savannah Heights.
ACT I Homes
We began to build and sell homes through our ACT I Homes program. This program has enabled moderate-income families, who thought a house of their own was out of reach, to become first-time buyers. Working with Athens-Clarke County’s Department of Human and Economic Development (HED), the Athens Housing Authority has taken a leadership role in the revitalization of in-town neighborhoods. The development of the ACT I Homes program provides long-term property tax benefits to the community as well as increases homeownership rates.
Our ACT I Homes program opened the door to affordable homeownership with value for buyers and the community. Homeownership contributes in the creation of healthy, viable neighborhoods. Our ACT I Homes program spearheaded new construction for in-town neighborhoods and has positioned us in the forefront of creating homeownership opportunities. Using funds from Community Development Block Grants (CDBG) and HOME funds administered by HED, the Athens Housing Authority has worked to revitalize downtown neighborhoods. To date, 22 homes have been built and 21 sold through this program.
Who Is a Typical ACT I Homes Buyer?
ACT I Homes buyers are working families earning a modest annual income. Most of the families earn between $25,000 and $35,000 a year. ACT I homeowners are state employees, school district employees, health care professionals, retail managers, and retirees. In other words, a variety of people who work in the public or private sector qualify for affordable housing. Each ACT I Homes buyer believed that the money he or she paid each month for rent could be better spent to purchase a home for his or her family. Monthly payments (PITI) for ACT I Homes range from $600 - $750 including property taxes and insurance.
What are the eligibility requirements to purchase an ACT I Home?
To be eligible for an ACT I home, potential buyers must meet the following requirements:
- Have a household income of no more than 80 percent of the median income for Athens-Clarke County (see chart below) but at least $22,000 annually in order to have sufficient funds for mortgage payments, taxes, insurance, and other household and family expenses.
|
Number of Family Members |
1 |
2 |
3 |
4 |
5 |
6 |
|---|---|---|---|---|---|---|
|
Maximum Family Income |
$32,850 |
$37,550 |
$42,250 |
$46,900 |
$50,700 |
$54,450 |
- Attend housing counseling.
- Have a credit score of 600 or more.
- Have a minimum down payment of $1,000.
- Be financially qualified to obtain a mortgage.
- Contact the Athens Housing Authority at 425-5413 for application information.
Savannah Heights
To provide more opportunities for affordable housing, the Athens Housing Authority partnered with Vanguard Housing Solutions, Inc. and developer Chesser-Kennedy Builders to create Savannah Heights – the first mixed income subdivision in Athens. Working with a developer allowed the construction of more homes in a shorter time span than the Athens Housing Authority has been able to do previously. All the homes are low maintenance and carry an Energy-Star designation resulting in low energy bills.
Protectors Program
Savannah Heights offers the Athens community another opportunity for entry into the first-time homeownership market for a variety of families in the community. In addition to offering the ACT I Homes program to assist families with purchasing their first home, homebuyers with higher incomes that work in one of the professions listed below may qualify for our Protectors Program. Monthly payments (PITI) for homes purchased under the Protectors Program range from $750 - $800 including property taxes and insurance.
- ACC Police Officers
- ACC Fire Fighters
- Clarke County Sheriff Deputies and Correctional Officers
- Clarke County School District Employees
- UGA Police Officers
In addition to the above programs, homebuyers may qualify for special down payment assistance and homebuyer incentives for teachers, health employees and first responders through the Georgia Department of Community Affairs (DCA). eDCA’s programs can be combined with either the ACT I Homes program or Protectors Program for even lower monthly payments.
To learn more about Savannah Heights, contact Shavon Echols or Bobbie McKeller at Coldwell Banker Upchurch Realty at 706-433-2120 or www.shavonechols.com and www.bobbiemckeller.com.
