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First American Bank and Trust uses ARPA funds to offer down payment help in Athens-Clarke County
Summary
First American Bank and Trust, working with Athens-Clarke County ARPA funding and local partners, offers forgivable down payment assistance aimed at first-time homebuyers; eligibility, caps and outreach efforts were described in an ARPA highlight interview.
First American Bank and Trust is distributing American Rescue Plan Act (ARPA)–funded down payment assistance for first-time homebuyers in Athens-Clarke County, the bank’s mortgage division director said in an ARPA highlight interview.
In an interview with Cameron McLaughlin, equity and engagement coordinator in the People and Belonging department for Athens-Clarke County, Jeff Bishop, mortgage division director at First American Bank and Trust, described eligibility rules, program limits and outreach plans for the locally run initiative.
Bishop said applicants must have lived in Clarke County for at least 12 months, the purchased house must be in Clarke County, and applicants must make a $1,000 buyer contribution. Income limits vary by census tract: the bank initially used an 80% area median income (AMI) cutoff and later expanded the program’s upper threshold for some applicants; Bishop gave an illustrative example that a three-person household’s AMI figure moved from about $66,250 to…
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