Georgia Dream loans* are available to:

• First-time home buyers, OR
• Homebuyers who have not owned a home** in the past three years, OR
• Those who purchase a home in certain areas.

Who Also:

• Have a household income up to the maximum
• Have liquid assets of no more than $20,000 or 20% of the sales price (whichever is greater)
• Meet mortgage loan credit requirements

*Loans are 30-year fixed interest rate mortgages. Participating lenders give credit approval for FHA, USDA-RD, VA or conventional eligible mortgage loans.

**Homebuyers who have not had interest or ownership in a primary residence in the last three years.

Maximum Household Income & Home Sales Price: Effective Oct. 1, 2020

If you purchase in one of these Georgia counties, the purchase price cannot exceed$250,000: Barrow, Bartow, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Heard, Henry, Jasper, Newton,Paulding, Pickens, Pike, Rockdale, Spalding or Walton, Household income cannot exceed:

• $84,000 (1 or 2 persons)
• $96,000 (3 or more persons)

For any county not listed above, the purchase price cannot exceed $200,000 and household income cannot exceed:

• $72,000 (1 or 2 persons)
• $83,000 (3 or more persons)

How Do I Get Started?

Contact a Georgia Dream participating lender to pre-qualify and begin the mortgage loan process. Click the icon below to find a list of participating lenders or call1-800-359-HOME (4663).

Brochure | Fact Sheet

Recognizing that redevelopment projects can be the most challenging economic and community development projects, the City of Covington specifically works to provide access to flexible financial assistance to individuals with blighted properties seeking to redevelop those properties. Properties are assessed against the City of Covington housing code to determine level of blight and deterioration. All properties must set aside units at 50% median income for low to moderate income individuals and family according to HUD standards.

Eligible Uses:

• Address “slums and blight” specific criteria.
• Grant assistance to local governments for public facilities.
• Direct loan assistance to private, for-profit businesses to

finance various fixed assets (i.e. land, building, machinery and equipment).

Loan Terms: Interest rates for loan projects are below market, generally fixed at 3%. Repayment period is typically five to fifteen years, depending on the asset financed.

Maximum Award Amounts

The maximum award is $750,000 per project.

Brochure | Fact Sheet

GICH/CDBG

The primary objective of the economic development (ED) component of the CDBG program is the expansion of economic opportunities in cities and counties, principally forpersons of low-and-moderate income. This is accomplished by funding viable projectswhich cannot take place without CDBG assistance. Applicants should note that any project must create or retain jobs for low- and moderate-income persons.

Eligible Projects

CDBG annual competition grants may be loaned to businesses or used to build public infrastructure that make business projects possible and create employment for low- and moderate-incomepersons. Generally eligible are:

• 1. Projects carried out by public or private nonprofit entities including:
  • (a) Acquisition of real property;
  • (b) Acquisition, construction or rehabilitation of public facilities, site improvements andutilities.
• 2. Loans to private businesses for fixed asset financing when assistance is necessary and appropriate to carry out an economic development project.

Grant and Loan Conditions

Loans are usually made at below-market rates with favorable terms (but no more favorable than the minimum necessary to make the project feasible). Payback is not required where CDBG funds are used for public infrastructure projects, but the applicant community must present evidence that it cannot finance the project without assistance. Private businesses which are the primary beneficiary under a public facility project are required to warrant their commitments to invest and create jobs with an irrevocable letter of credit.

Maximum Funds Available

The maximum CDBG annual competition amount that may be applied for is $500,000.

Deadline

Applications for the CDBG annual competition program usually must be submittedduring the second quarter of each calendar year. The final deadline is announced each year by DCA, and only one competition is held each year. Awards are generally announced 90 days after the receipt of applications.