GA HOME SAFE – New Program

Important HomeSafe Georgia News

On September 28th the Georgia Department of Community Affairs announced the launch of Underwater Georgia, a new HomeSafe initiative specifically targeted to the approximately 150,000 Georgians who owe more than their homes are worth. Homeowners approved through Underwater Georgia can receive a one-time payment of up to $50,000 to reduce the principal balance on their home. In addition to providing information about Underwater Georgia – without doubt the most significant and potentially impactful HomeSafe program modification to date – this document also chronicles other important activity associated with HomeSafe that has occurred since the January 2016 publication of HomeSafe Georgia – Making the Most of a Valuable Resource, which documented and analyzed HomeSafe’s application intake, approval and disbursement history and made recommendations for program modification and expansion.

[1] Information in this section from DCA Memo: New Mortgage Assistance program to Launch September 28th, and Underwater Georgia Mortgage Principal Reduction Aid Communications Toolkit, September 22, 2106.
[2] See Office of the Special Inspector General for the Troubled Asset Relief Program, https://www.sigtarp.gov/Audit%20Engagement%20Memorandums/Engagement_Memo_GA_Hardest_Hit_Fund_Audit.pdf, September 12, 2016.
[3] See Atlanta Journal Constitution, http://politics.blog.ajc.com/2016/09/13/feds-to-audit-foreclosure-aid-program-in-several-atlanta-area-counties/, by Tamar Hallerman, September 13, 2016.
[4] See http://www.housingwire.com/articles/36326-treasury-boosting-hardest-hit-fund-by-2-billion-extends-program-to-2020 (HousingWire, Treasury Boosting Hardest Hit Funds by $2 billion, Ben Lane, February 19, 2016) and See https://www.treasury.gov/press-center/press-releases/Pages/jl0434.aspx (US Treasury, Treasury Announces Allocation of Final $1 Billion Among Hardest Hit Fund States, April 20, 2016).

William H. McFarland
Relationship Manager, Georgia ACT
Project Director, Housing Georgia
404 – 586 -0740 (office)
404-790-6607 (cell)

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