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The City of Atlanta, in collaboration with Bank of America, Freddie Mac, the Atlanta Center for Homeownership, the Consumer Credit Counseling Service, Atlanta employers and other local non-profit groups have come together to address the issue of affordable housing through the Select Atlanta Homeownership Alliance. One billion dollars will create opportunities for 10,000 families in Atlanta neighborhoods.

Mayor Bill Campbell announced the public-private-nonprofit alliance, which is also expected to help reduce commuter traffic congestion and urban sprawl. The way it works is this: Freddie Mac, one of the nation's largest mortgage investment backers, has agreed to purchase Bank of America's eligible home loan products so that freed-up capital can be used for the new home buyers in the Select Atlanta Homeownership Alliance program. The Atlanta Center for Homeownership will coordinate the initiative and the Consumer Credit Counseling Service will provide the essential financial and support services for homeownership.

In one of the most ambitious programs in the United States, a wide range of collaborative efforts is brought together to help increase home ownership in Atlanta:

• Bank of America is featuring several mortgage products, which will be backed by Freddie Mac's purchase commitment: Neighborhood Advantage Credit Flex, Credit Flex Plus and Zero Down.
• Consumer Credit Counseling Services, with the Atlanta Alliance, has set up CreditWorks to allow borrowers with credit blemishes to re-establish their credit worthiness in 18 months.
• HomePlan USA and other Alliance members will be involved in developing employer-assisted housing initiatives. Employees who stay in their jobs for at least two years will be eligible for down payment and closing cost assistance for different Freddie Mac loans. Housing near jobs and mass transit will receive special attention.

Pat Rioux

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