Vine City Renaissance Initiative (VCRI)

What is Vine City Renaissance Initiative (VCRI)?

Vine City Renaissance Initiative (VCRI) is a forgivable loan for homebuyers in Atlanta, Georgia.

• The Vine City Renaissance Initiative (VCRI) is an Invest Atlanta homebuyer incentive funded from the Georgia Dome Trust Fund (a 1989 community-revitalization escrow tied to the Georgia Dome bonds). It provides $20,000 in down payment and closing-cost assistance — fully forgiven after 5 years of owner-occupancy — for buyers committing to live in the historic Vine City, English Avenue, and Castleberry Hill neighborhoods on Atlanta's Westside. There is no first-time homebuyer requirement and no purchase-price cap. The incentive can be paired with a renovation first mortgage to support reinvestment in the area's older housing stock.
• $20,000 toward down payment and/or closing costs as a 0% soft second mortgage fully forgiven after 5 years of owner-occupancy. Can be used with a renovation first mortgage (FHA 203(k) or Fannie Mae HomeStyle).
• Funding comes from Georgia Dome Trust Fund (community revitalization escrow).

How much assistance does it provide?

Vine City Renaissance Initiative (VCRI) offers up to $20,000 in assistance.

• The program asks buyers to contribute $1,500 borrower contribution.
• 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.

Do you have to pay it back?

Vine City Renaissance Initiative (VCRI) is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, transfer, refinance (cash-out), or loss of owner-occupancy within the 5-year affordability period.
• The assistance is recorded in Subordinate (2nd lien) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Vine City Renaissance Initiative (VCRI) is open to buyers who will live in the home as their primary residence.

What are the income limits?

Vine City Renaissance Initiative (VCRI) limits household income to 140% of the area median income, which varies by county and household size.

• Income limit by household size: 1p $112,000; 2p $127,960; 3p $143,920; 4p $159,880; 5p $172,760. Tied to 140% AMI for the Atlanta MSA.
• 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.

What kind of home can it be used for?

Vine City Renaissance Initiative (VCRI) caps the purchase price as follows: No maximum purchase price for this incentive.

• Eligible property types include Single-Family, 2-4 Unit, Townhome, and Condo.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Vine City Renaissance Initiative (VCRI) serves buyers purchasing in Atlanta, Georgia.

• The program targets specific areas: VCRI boundary: Donald L. Hollowell Pkwy (N), Northside Dr (E), Martin Luther King Jr Dr (S), Joseph E. Lowery Blvd (W) — Vine City, English Avenue and Castleberry Hill.

How do you apply?

Applications for Vine City Renaissance Initiative (VCRI) go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Resources for Residents & Communities and Committed to Communities (special renovation education class).

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Reservations made by participating lender through eHousingPlus once buyer is under contract, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.