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City of Riverdale’s R3 Down Payment Program 2022 (Georgia)

The City of Riverdale is now offering (R3) HOME assistance for homebuyers purchasing or owning homes in the city.

Donor Name: City of Riverdale

State: Georgia

City: Riverdale

Type of Grant: Grant

Deadline (mm/dd/yyyy): 05/31/2022

Size of the Grant:

  • First-time Homebuyers: $20,000
  • Existing Homeowners: $10,000

Details:

This program is funded by the U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnerships Program through Clayton County HUD division. The grant is administered by the Community Development Department.

Program Requirements

Participants must commit to:

  • The home must be principal residence (for a minimum of 5 years) and Homestead exemption claimed.
  • Homes must be maintained and fully up to code one (1) year after purchase.
  • Home inspections will be required prior to funding approval for existing home improvements.

Funding Information

The R3 assistance program consists of a one-time grant for 1st time home buyers in the City of Riverdale, providing up to $20,000 for down payment or closing costs. And *if funds are available A one-time grant for existing Homeowners (5 years or more) in the City of Riverdale, providing up to $10,000 in-home repair assistance for siding, roof, and window repairs/replacement ONLY.

Eligibility Criteria

First-time Homebuyers that:

  • Meet HUD income requirements
  • Are Riverdale City employees (i.e. Public Safety, Teachers)

Or Existing Homeowners (5 years or more): (Lottery)

First-time Homebuyers

  • Funds can be used for down payments or closing costs.
  • The borrower is required to complete an 8-hr homebuyer education course.
  • Property must be owner-occupied for a minimum of 5 years
  • The buyer must contribute a minimum of $1,000.
  • Funds will be wire-transferred to the Closing Attorney
  • Funding is based on as assessed value sliding scale

Existing Homeowners Lottery

Funds can ONLY be used for siding, roof, and window repairs and/or replacement.

The Homeowner must select a Georgia Certified Licensed and insured contractor to conduct the work and obtain all permits that are required to perform the work. All work must be completed by October 31, 2022. The homeowner must provide a minimum of three (3) bids for planned repairs. (City staff does not recommend contractors)The building official will also conduct an initial inspection of the property prior to the start of the work.

For more information, visit R3 Down Payment Program 2022.

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