Invest Atlanta - Vine City Renaissance Initiative (VCRI)

Invest Atlanta - Vine City Renaissance Initiative (VCRI) is a forgivable loan for homebuyers in Atlanta - Vine City, Georgia. The Vine City Renaissance Initiative (VCRI) provides $20,000 in forgivable down payment and closing cost assistance for homebuyers purchasing within the Vine City neighborhood of Atlanta. The assistance is structured as a 0% soft second mortgage, fully forgiven after 5 years of owner-occupancy. A $1,000 program fee is required. Homebuyers may also use this incentive with a home renovation mortgage loan. $20,000 forgivable loan for down payment and closing cost assistance in the Vine City neighborhood of Atlanta. 0% interest rate with no monthly payments. Fully forgiven after 5 years of owner-occupancy (pro-rated forgiveness). $1,000 program fee required. Option to pair with a home renovation mortgage loan. Compatible with FHA, VA, and Conventional first mortgages. Must purchase within Vine City Tax Allocation District (TAD) boundaries. Funding comes from Local Government.

Invest Atlanta - Vine City Renaissance Initiative (VCRI) offers up to $20,000 in assistance. The program asks homebuyers to contribute $1,500 of their own funds; items purchased outside of closing count toward this requirement. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Invest Atlanta - Vine City Renaissance Initiative (VCRI) is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, Refinance, No Longer Primary, and Transfer of Title. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Invest Atlanta - Vine City Renaissance Initiative (VCRI) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: 3 years since last ownership. On credit, the program states: The minimum credit score requirement is determined by each participating lender. A homebuyer education course is required, through Resources for Residents & Communities and Committed to Communities. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Property must be located within the incentive boundaries: Donald L. Hollowell Pkwy to the north, Northside Dr to the east, Martin Luther King Jr. Dr. to the south, Joseph E. Lowery to the west, Must qualify for a 30-year fixed-rate FHA, VA or conventional mortgage loan with an Invest Atlanta participating lender, The minimum credit score requirement is determined by each participating lender, Must attend a special renovation education class by Resources for Residents & Communities or Committed to Communities, Program fee of $1,000, to cover the cost of education and ensure commitment to the 5-year minimum living requirement, Homebuyers cannot exceed $35,000 in liquid assets, Participants cannot own interest in any other property, The property must be owner-occupied and cannot be manufactured, and No maximum purchase price.

Invest Atlanta - Vine City Renaissance Initiative (VCRI) limits household income to 140% of the area median income, which varies by county and household size. 140% AMI. 1 person: $115,500; 2 persons: $132,020; 3 persons: $148,540; 4 persons: $164,920; 5 persons: $178,220. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Invest Atlanta - Vine City Renaissance Initiative (VCRI) can be used for Single Family, 2-4 Unit, Townhouse, Condo, and New Construction. New construction is eligible. Manufactured homes are not eligible.

Invest Atlanta - Vine City Renaissance Initiative (VCRI) serves homebuyers purchasing in Atlanta - Vine City, Georgia. The program targets specific areas: Vine City neighborhood in Atlanta, GA. Property must be located within the Vine City Tax Allocation District (TAD) boundaries.

Applications for Invest Atlanta - Vine City Renaissance Initiative (VCRI) go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-Come-First-Served. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.