ATLANTA — In the midst of rising costs, affordable housing advocates are saying now might be the ideal time for potential homebuyers to enter the market.
Developers are actively working to make homeownership more accessible by buying down interest rates, allowing buyers like Tanisha Augustus to secure a mortgage at 4.5% for her new townhome in South Town Development.
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“I’m excited for these buyers who have really been struggling with the cost of living,” Maja Sly, an affordable housing advocate, told Channel 2’s Lori Wilson. “This allows them to be in a home but also make it affordable.”
Augustus, a first-time homebuyer, is set to receive the keys to her new townhome just in time for the holidays.
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She told Wilson she was excited about living in the city.
“I’m all about that city life... being accessible to the city to me... when desired,” Augustus said.
The developers’ initiative to buy down interest rates is a significant factor in making these homes affordable.
Sly told Channel 2 Action News that a 4.5% interest rate is reminiscent of rates from 2022, providing a rare opportunity for buyers.
In addition to favorable interest rates, Atlanta nonprofits are also offering up to $45,000 in down payment assistance for qualified buyers, such as public servants and teachers earning under $94,000 annually.
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