HB 773 seeks to expand the bond limits of the Georgia Housing Finance Authority (GHFA) to increase the bond funding available for the Georgia Dream Program, which has not been increased since 1993.
The Georgia Dream Homeownership Program provides first mortgage loans, down payment assistance and home-buyer education to eligible home buyers.An eligible borrower must not have owned a home in the past three years, or must be purchasing a home in a targeted area. The borrower must meet income and purchase price limits, have limited assets, and must invest at least $1,000 into the purchase transaction.
The Georgia Dream Program has been successful in helping working-class Georgians become homeowners, but the funding for the program is running low. A substitute of HB 773 seeks to expand the bond funds from $1.3 billion to $3 billion. Georgia Dream loans are insured or guaranteed by the federal government and have a loW default rate.