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DCA says Georgia Dream helped 2,000 new homeowners last year; targeted $7,500–$15,000 down‑payment aid reaches distressed counties
Summary
Brenda McGee of DCA told the committee the Georgia Dream program served more than 2,000 first‑time buyers last year (average loan about $140,000) and offers a standard $5,000 down‑payment grant plus targeted $7,500 and time‑limited $15,000 assistance in distressed counties; program is financed via private activity bonds sold by GHFA.
Brenda McGee, division director for homeownership at the Department of Community Affairs, briefed the State Planning & Community Affairs committee on the Georgia Dream program, which provides affordable mortgage financing for eligible first‑time buyers through a statewide network of lenders.
McGee said DCA works with 97 lenders and roughly 250 local branches to market the program. DCA purchases loans from participating lenders so the lenders do not retain long‑term loan risk or need to sell on the secondary market, and DCA provides lender and real‑estate professional training to boost outreach.
On down‑payment assistance, McGee described a standard $5,000 general program; specialized $7,500 assistance for public safety employees, educators, health‑care workers and households with a disability; and a time‑limited $15,000 program targeted to federally defined distressed counties funded with remaining HomeSafe (Hardest Hit Fund) dollars. She said the HomeSafe funds are expected to last at least through the end of the year and that the $15,000 option was not likely to be reissued as a continuing program.
"Last year, we did over 2,000 new homeowners with an average loan of about $140,000," McGee said, adding the program is financed through a private activity bond program and that the Georgia Housing Finance Authority sells the bonds. DCA staff told members the GHFA bonds are the authority's debts and are not obligations of the state; staff said the authority has been highly rated by Standard & Poor’s.
Committee members asked about income limits and purchase price caps. McGee and other DCA staff cited income‑limit examples used under IRS rules: Metro Atlanta income limits and separate limits for the balance of the state, and purchase price caps cited in the presentation (about $250,000 in Metro Atlanta and $200,000 elsewhere). McGee also said DCA requires first‑time homebuyers to complete pre‑purchase counseling before loan closing and estimated typical processing time at 30–60 days.
DCA staff offered to provide members with county‑level market information and outreach data; no new programmatic funding or legislative action was taken during the briefing.
