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What's New

GA Dream Neighborhood Stabilization Purchase Program

The Georgia Dream NSP Purchase Program was created to encourage the purchase of foreclosed properties. Funds utilized are an allocation of federal dollars received by the Department of Community Affairs from the Housing and Economic Recovery Act of 2008.

The program provides $14,000 to eligible borrowers purchasing foreclosed properties in eligible areas. Funds are disbursed in the form of a second mortgage lien with no interest and no monthly payments. The lien is released over a period of five years and six months. Funds may be used for required repairs and/or down payment assistance.

This program begins April 1, 2009 and all funds must be disbursed by June 30, 2010.



Protecting Tenants at Foreclosure Act of 2009

In brief, under the new legislation, all tenants must get a 90 day notice prior to eviction due to foreclosure. In addition (with some exceptions) tenants that have leases can continue to live in their homes until the end of the term of their lease. The rights of Section 8 tenants are also protected because the new owner at foreclosure must accept both the tenant's lease and the housing assistance payment (HAP) contract.