The Community Foundation for Northeast Georgia, the IMPACT! Group, The Brand Banking Company and a network of local builders are partnering to provide down payment assistance for consumers who buy a home in Northeast Georgia.

Tough economic times and the recent turmoil in the mortgage market have made it harder to secure mortgage loans. For buyers without funds for a down payment, the dream of home ownership has become even more elusive.

To foster home ownership and support local economic development, these partners have created a program that will step in to provide down payment assistance for consumers who buy a home in Northeast Georgia.

“This is a ‘win-win’ proposition. The Northeast Georgia Down Payment Assistance Program will benefit consumers who want to buy a house in our local communities. It will also strengthen the overall economic climate – which benefits every business and every resident,” explains Judy Waters, executive director, Community Foundation for Northeast Georgia.

Today’s announcement comes at a critical time for home buyers. The nation’s largest privately funded down payment assistance program, The Nehemiah Program, will be eliminated on October 1, 2008. The Northeast Georgia Down Payment Assistance program will fill that void for area home buyers.

The Northeast Georgia Down Payment Assistance Program is not restricted to first-time home buyers and does not require that the funds be paid back. This is in contrast to the features of the newly enacted Housing and Economic Recovery Act of 2008. The Act offers tax relief to home buyers, in the form of a $7,500 tax credit to qualified first-time buyers. Those funds are then paid back, over a 15-year period, as an annual tax due from the home owner.

“Brand Bank has been a vital part of building our community for more than 100 years, so we’re pleased to be a part of this innovative program to foster home ownership,” says Bartow Morgan, Jr., CEO, Brand Bank. “We will be making market-rate mortgage loans to qualified buyers who are eager to build their home and their future in Northeast Georgia.”

The IMPACT! Group, a local nonprofit community development corporation, will help provide the down payment assistance along with education and credit counseling to homebuyers who want an objective advisor to help them through the process. “Our HomeOwnership Center provides home buyers with the tools they need to achieve sustainable homeownership. We are very excited to work with Brand Bank and the Community Foundation on this innovative program,” says Marina Peed, executive director, The IMPACT! Group.

Builders participating in the program have highlighted hundreds of area homes for buyers. Pricing varies, but most homes range from $150,000 to $350,000.

A new Web site has been created for those interested in buying a house through the Northeast Georgia Down Payment Assistance Program. Log on to www.thebrandbank.com and click the program link to learn more about down payment assistance, view a list of participating builders and see a map of homes available.

Brand Bank offers comprehensive mortgage loan services through Brand Mortgage Group.

For more information about The Northeast Georgia Down Payment Assistance Program, call 770-963-3044 or visit www.thebrandbank.com.