Tour Saturday of Beltline Homes Offering More Than $50,000

The Atlanta Beltline, Inc. is offering a free seminar and tour Saturday to show potential homebuyers how they can access more than $50,000 in mortgage reduction and downpayment assistance if they purchase property along the Beltline route.

The seminar is 9 a.m. to 4 p.m. Aug. 13 at The Lofts at Castleberry Hill, 170 Northside Dr. To registered for the event call Hiwot Mekonnen at 404-614-8317.

The main Beltline homebuyer assistance program provides up to 20 percent of the purchase price of a home located within the boundaries of a special tax district created to help develop the Beltline's amenities. The program sponsors say certain restrictions apply, including:

• Maximum assistance is $50,578;
• Maximum home price is $252,890;
• Annual household income eligibility is up to $71,200 for one or two persons, and up to $81,800 for three or more persons.

The assistance is provided in the form of a second mortgage with zero percent interest. Homebuyers can "layer" the plan with one or more of the downpayment assistance plans offered by The Atlanta Development Authority.

Repayment of the Beltline assistance is due upon the home's sale, refinance, or when it is no longer occupied. The mortgage is forgiven after 15 years, said Atlanta Beltline, Inc., spokesman Ethan Davidson.

The Beltline is a planned 22-mile long ring of transit, trails, parks and development around 45 intown Atlanta neighborhoods. It represents the city's effort to guide development over the next several decades into urban developments that are stable and compact.

The money for the home-buying program comes from property taxes collected on new developments built within the Beltline's special tax district.The Atlanta City Council created the program to ensure that homes near the Beltline are affordable to people earning the salaries of school teachers and office administrators.

Beltline condo and townhome addresses receiving ADA assistance:

898 Oak Street

30310

870 Inman Village Parkway,NE

30307

2161 Peachtree Street, NE

30309

174 Chester Avenue SE

30016

1199 Huff Road NW

30318

1100 Howell Mill Road

30318

1079 Marietta Blvd. NW

30318

380 Grant Circle SW

30315

560 Dutch Valley Road NE

30324

747 Ralph McGill Blvd. #336

30312