What are grant funds? I'm glad that you asked because many do not know that this "FREE MONEY" is available. Grant funds are $$$ set aside by the government (In this case the city of Atlanta) for the purchase of real property or homes.
See below for current Atlanta programs.
*City of Atlanta 2017 Applications for Consolidated Plan HUD Grant Programs
The City of Atlanta, Department of Finance Office of Grants Services is currently accepting applications for the 2017 Community Development Block Grant (CDBG), Home Investment Partnership Program (HOME), Social Services and Housing Opportunities for persons Living with HIV/AIDS (HOPWA) programs:
- Community Development Block Grant Program (CDBG estimated $6.7 million),
- Home Investment Partnership Program (HOME estimated $1.4 million),
- Emergency Solutions Grant (ESG estimated $611,000) and
- Housing Opportunities for Persons Living with AIDS (HOPWA $16.0 million). *Source: City of Atlanta web site
What I like most about grants is that they are FREE MONEY. Once the funds are awarded, basically all you have to do is live in the property and maintain it. Most grants are "forgiven" in increments on an annual bases and once the time has lapsed, there is no repayment.
Looking a bit closer:
You receive a $20,000 grant on a home purchase of $200,000
That means you are getting a $200,00 home at $180,000
If the grant is forgiven at 10% per year it would take 10 years for the total grant to be forgiven
The $20,000 loan would be $18,000 at the end of the first year
The $20,000 loan would be $16,000 at the end of the 2nd year
The $20,000 loan would be $14,000 at the end of the 3rd year...........
That's right the "free loan" that you obtained would decrease by $2,000.00 per year and you don't have to make any payments. If you live in the property for the term (10 years) then the entire loan is forgiven. FREE MONEY!!!
Grant funds are not limited to the city of Atlanta.
For more information and to discuss relocating to or buying property in Georgia call Ken Harris at (770)998-9859