New Affordable Housing Becomes Reality: Atlanta BeltLine – Reynoldstown Crossing

NEW AFFORDABLE HOUSING BECOMES A REALITY ON THE ATLANTA BELTLINE WITH LOFTS AT REYNOLDSTOWN CROSSING

Down Payment Assistance And Low Monthly Payments on New Two-Bedroom Lofts For Those Making Under $68,000Early Registrants Will Increase Their Chances of Being Chosen in The Drawing of Less Than 30 Homes on Saturday, December 10.

ATLANTA — As part of its mission to create affordable workforce housing, Atlanta BeltLine, Inc. (ABI) purchased the former “Triumph Lofts” development from a receivership to provide critically-needed affordable for-sale housing in an increasingly desirable part of the city. The development, now named “Lofts at Reynoldstown Crossing,” is located at the intersection of Chester Avenue, Memorial Drive and the Atlanta BeltLine corridor, just north of I-20 and Glenwood Park. The new highly-appointed, spacious two-bedroom, two-bath lofts will be sold in a one-day sale event featuring a drawing of qualified buyers making under $68,000 – the Atlanta area median income – on Saturday, December 10. The one-day drawing will provide an equitable way to give access to this incredible homeownership opportunity for people who might otherwise be unable to purchase intown property. Applicants must register by Wednesday, December 7, and early registrants will increase their chances of being chosen during the drawing.

“This is an unmatched opportunity for us to be able to provide new affordable homes right on the Atlanta BeltLine, in the historic Reynoldstown neighborhood,” said Brian Leary, president and CEO of Atlanta BeltLine, Inc. “For the homeowners at the Lofts at Reynoldstown Crossing, the Atlanta BeltLine is their backyard – one more demonstration of moving the vision to reality.”

Eligible homebuyers will receive up to $60,000 in down payment assistance, which creates a very affordable first mortgage. Monthly payments — from $900 per month* — will be much cheaper than renting new two-bedroom apartments in the area. Of those homes, three will be part of a Community Land Trust (CLT), ensuring that their affordability will be permanently preserved. The CLT homes will be targeted to City of Atlanta and Fulton County teachers and first responders with up to $100,000 in down payment assistance available.

All homes at Lofts at Reynoldstown Crossing are new two-bedroom, two-bathroom lofts featuring high-quality finishes and stainless appliances. The development also features a pool, hot tub, electric car charging station, fitness center, club room, rooftop deck and controlled access entrance, in addition to its highly-desirable location on one of Atlanta’s greatest amenities, the Atlanta BeltLine.

The Sales Center, located on site at 890 Memorial Drive, will be open daily beginning Thursday, November 10 at 10 a.m. There will be a series of events and open houses to show these homes to the public over the next several weeks leading up to the one-day sale event on Saturday, December 10, including: • Saturday, November 12 to Sunday, November 13: First Open House Weekend featuring Yumbii food truck, a pool-side DJ, giveaways and more.• Saturday, November 19 to Sunday, November 20: Second Open House Weekend featuring a V-103 live remote with food, games and prizes, Slider U food truck, a pool-side DJ, giveaways and more.• Saturday, December 10: One-Day Sale Event featuring a drawing for qualified buyers.

For more information on Lofts at Reynoldstown Crossing or to register for the sale event, please visit http://www.loftsatreynoldstowncrossing.com, call (404) 521-7787 or visit the sales center beginning Thursday, November 10.

About the Atlanta BeltLine:The Atlanta BeltLine is the most comprehensive economic development effort ever undertaken in the City of Atlanta and among the largest, most wide-ranging urban redevelopment projects currently underway in the United States. The Atlanta BeltLine is a sustainable redevelopment project that will provide a network of public parks, multi-use trails, transit and affordable housing along a historic 22-mile railroad corridor circling downtown and connecting many neighborhoods directly to each other. Atlanta BeltLine, Inc. (ABI), formed by the Atlanta Development Authority, is the entity tasked with planning and executing the implementation of the Atlanta BeltLine in partnership with other public and private organizations, including City of Atlanta departments. For more information on the Atlanta BeltLine, please visit http://www.BeltLine.org.

*Please see agent for details. Down payment assistance programs are subject to availability and qualification guidelines. Monthly payment includes HOA &Taxes and is based on purchase price of $131,900; loan amount of $71,900. $60,000 in down payment assistance with interest rate of 4.25% APR on 30 year fixed loan.
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Media Contacts:
Ethan Davidson, Atlanta BeltLine, Inc.
(404) 614-8325edavidson@atlbeltline.org

Liz Lapidus / Kate Thacker
404.688.1466kate@lizlapiduspr.com

Is Renting Still the Better Deal?

“Renting is the cheaper way to go!” Is this widely believed “fact” still true?  According to the latest research, renters spend 5% more on housing than home owners.  To find out why it’s more logical to just buy a home, rather than rent, and how the times have changed, visit Renters Outspend Owners on Housing.

Housing Tax Incentives Benefit Young Owners the Most

Housing tax incentives mostly benefit younger households, according to research from the National Association of Home Builders.

The average mortgage interest deduction peaks for taxpayers in the 35 to under-45 age group, followed by the 18 to 34 aged taxpayers, and declines as the taxpayer gets older, according to the research.

“Any tampering with this deduction would have a disproportionate impact, as a share of household income, on younger home owners who have relatively higher mortgage interest payments,” said Robert Dietz, assistant vice president for Tax and Policy Issues for NAHB.

Source: The National Association of Home Builders (09/28/2010)

Buying Is a Good Investment, If You Choose Right

Pessimists are implying that the housing market will never get any better and housing will always be a lousy investment.

Are they right? Of course not, say experts at the Motley Fool finance Web site.

In fact, the Fools predict that pretty soon housing will be a great investment because prices will have fallen to the point where homes are cheap.

Then as now, the Fools say the key to buying a home that is a good deal will be:

• Location
• Don’t overpay
• Buy what you can afford

If the price goes up, great, the Fools say. If not, buyers will be OK because they have picked a great place to live.

Source: The Motley Fool (08/23/2010)

Suburban Growth: Ending or Taking a Break?

Some housing trend spotters believe that America’s love affair with sprawling suburbs has ended.

“What we’re already seeing is these new, very cheaply made suburbs showing how little resilience they have to economic fluctuations. I see them becoming not only more desperate, I see them becoming potentially nonviable,” says Jeff Speck, an urban planner and co-author of Suburban Nation: The Rise of Sprawl and the Decline of the American Dream.

The growth rate in outer-suburban counties fell to 1.6 percent in the year ending July 2008, down from 2.3 percent two years earlier, according to an analysis of U.S. Census Bureau data by Brookings Institution demographer William Frey.

“I don’t think there’s as much will to build in distant suburbs as there was a generation ago,” says Robert Lang, a director at Virginia Tech’s Metropolitan Institute. “I think it’s not as fashionable.”

But Lang cautions against writing suburbia’s obituary too quickly, pointing out that Americans like big yards and privacy that comes with them. He suggests that development of an economical and convenient transportation option like electric cars could revitalize the suburban dream.

Source: Reuters News, Andy Sullivan (04/10/2009)

McCain, Obama Solidify Stands on Housing

Both presidential candidates have announced plans to help voters deal with the challenging housing economy.

Here are their ideas as posted on their election websites:

Sen. John McCain:

Direct assistance to homeowners. No taxpayer money should go to real estate speculators who made bad decisions about investments.

Reform financial and lending systems to prevent a repeat.

Require participating lenders to forgive part of subprime borrowers’ loan principals and place them into new 30-year Federal Housing Administration loans.

Give financing to municipal and civic groups trying to solve problems within their own communities.

Sen. Barack Obama

Create a standardized disclosure plan that allows for full-disclosure of loan costs and provisions.

Crack down on mortgage fraud.

Give a mortgage credit to those who don’t itemize deductions.

Create a fund to help homeowners who face foreclosure refinance.

Allow bankruptcy courts to modify a homeowner’s mortgage payments.

Source: The San Diego Union-Tribune, Lori Weisberg

***FHA, Downpayment 411***

Earlier today President Bush signed into law a number of very significant changes that will occur starting October 1st. Please read these changes as they affect all of us and our Home buying abilities.

Details of the Housing and Economic Recovery Act are as follows:

 The two items in bold will have the greatest immediate impact so please read these carefully.

 Higher permanent loan limits for conventional conforming and FHA loans will become EFFECTIVE January 1, 2009. The act calls for limits to increase to a maximum amount of 625,500 , depending on the metropolitan area. The temporary limits established in March 2008 are set to expire December 31, 2008

-FHA floor limit to remain at 271, 500

-VA guaranty will increase

**Minimum cash investment for FHA loans WILL increase to 3.5%**

-A moratorium on RISK Based Pricing for FHA loans will go into effect on October 1, 2008

**Seller Funded Down Payment Assistance with FHA loans will be TERMINATED on October 1, 2008. No more DPAs like Nehemiah & American Dream.**

-Condo processing for FHA loans will be streamlined