GROUNDFLOOR has begun an exciting partnership with the Atlanta Police Foundation (APF) to engage local lenders (like you) to fund renovation of blighted properties for the benefit of deserving Atlanta police officers. This collaboration kicks off the APF's Secure Neighborhoods Initiative that is tasked with providing affordable homes to police officers so they can live inside the city of Atlanta and often in the very communities they police. The benefits are:
1) Neighborhoods are safer when patrolled by active and engaged police who have a direct stake in the community they live in.
2) Pre-qualified Police Officers get to live and own a newly renovated in-town home sold at a heavily discounted price.
3) Blighted properties are revitalized to everyone's benefit.
So how does this all work? The key is the starting point for these properties. The Fulton County City of Atlanta (FCCA) Land Bank is supplying properties for the Secure Neighborhood Initiative at zero cost. The FCCA Land Bank oversees hundreds of properties like these around the city, many have been turned over to them from banks after going through foreclosure. For example, the 146 Ericson property was "sold" by a bank to the FCCA for $10.
The GROUNDFLOOR loan is to cover the renovation costs to restore this blighted home. The FCCA oversees renovation to ensure the project is completed successfully. The APF works with eligible police officers to qualify and prepare them for home ownership. Once complete, the property is sold at cost to the police officer. The officer's mortgage will pay off the GROUNDFLOOR loan. The ultimate goal is to offer up to 200 APD officers a home through this program. With free land and a guaranteed end buyer, a renovation project that might not make financial sense otherwise becomes a home run!
Read more about our partnership.