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Georgia Department of Community Affairs Community HOME Investment Program Grant Agreement

Georgia Department of Community Affairs Community HOME Investment Program Grant Agreement 2025

Georgia Department of Community Affairs Community HOME Investment Program Grant Agreement Preview on Page 1

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The document is a Grant Agreement between the Georgia Department of Community Affairs and a Grantee for the Community HOME Investment Program (CHIP). It outlines the terms under which CHIP funds will be provided to finance home rehabilitation or down payment assistance. The agreement specifies the use of grant proceeds, disbursement procedures, compliance requirements, and legal provisions governing the agreement. It emphasizes that the funds must be used for eligible project delivery costs and includes stipulations regarding repayment in case of improper use.

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What is the hop program in Georgia?

HOP provides up to 6% of sales price, not to exceed $10,000, in down payment and closing cost assistance in accordance with your first mortgage lender requirements. Twenty percent (20%) of the loan amount is forgiven annually in year 2-6 provided the home buyer remains compliant with HOP guidelines.

Who is eligible for the hop program in Georgia?

You are a qualified first-time homebuyer (if you have not owned a home in the past three years). Your household income does not exceed 80% of Median Family Income, adjusted by Household size (as shown in chart). You complete, at least, eight hours of pre-purchase housing counseling with a HUD approved agency.

What is the minimum down payment for a hud home?

Available exclusively for the purchase of HUD homes, this specialty FHA program allows for a down payment of just $100. In the standard FHA loan the minimum down payment for a purchase is 3.5 percent.

What is the $50,000 down payment assistance in Georgia?

About the Homeowner Assistance Fund The Georgia Department of Community Affairs administers the funds through the Georgia Mortgage Assistance program. Assistance comes in the form of a Grant, up to $50,000 for eligible homeowners.

What is the community home investment program in Georgia?

The Community HOME Investment Program (CHIP) is a federally- funded program designed to provide safe, decent, and affordable housing in Georgia by granting funds to city and county governments, public housing authorities, and nonprofits.

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