R3 downpaymenent Program 2022

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

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.

Please Note: You cannot apply for this funding if you have received funding previously. *Priority will be given to first-time home buyers.

 

Who is Eligible?

First-time Homebuyers that: (First come, first serve)

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

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

  • Low-Income Homeowners (see HUD Guidelines)

 The application time frame is Jan. 15, 2022 to May 31, 2022

Note:  Only complete applications will be entered into the lottery drawing or considered.


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:          

Assessed Value Range

Payment Amount

$89,999 or less

$90K- $119,999

$5,000. 

$7,000.

$120K -$139,999

$10,000.

$140K- $159,999

$15,000.

$160k +

$20,000.

 *Based on the appraised value as determined by the Clayton County Board of Accessors digest.

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 (There are no extensions or carryover of awarded funding). 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.

Upon the completion of the work, a final inspection signed by the homeowner, the contractor and the City Building Official is required. In addition, the contractor will provide a limited one (1) year warranty on labor and materials, a one-year warranty on roofing repairs and a two-year warranty on the removal of all existing roofing and replacement with a single new layer.

Once the final approval by all parties is given on the completed work, the contractor can submit an invoice to the Community Development Department to request payment. No payments will be issued until the work is completed.           


Family Size

Maximum Income

1

2

3

4

5

6

7

8 or More

$48,300

$55,200

$62,100

$68,950

$74,500

$80,000

$85,500

$91,050


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.

  How do I Apply?

Submit a completed application with supporting documents. We will not accept incomplete applications. Only complete applications with supporting documents will be processed. Notifications and all communications will be sent out via email. Please read all instructions.

R3 2022 Application & Instructions

Applications may be submitted as follows:

Scan the completed application and supporting documents into a single PDF and email it to Communitydevelopment@riverdalega.gov

OR

Mail the completed application and supporting documents to: 

Community Development Department

City of Riverdale

971 Wilson Rd

Riverdale GA  30296

 

All applications must be received by May 31, 2022.

 

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