The highly successful Mercer University-Knight Foundation Down Payment Assistance Program has a new round of funding, as well as several new incentives to make buying a home in the Intown Macon historic district even more affordable. The incentives are available to any Mercer faculty or staff member who buys or builds a home in this district.
The recent $5 million College Hill grant from the John S. and James L. Knight Foundation provides funding for 30 Down Payment Assistance grants of $20,000 each for eligible faculty and staff. In addition, for a limited time, the University is offering to eligible faculty and staff seven free lots in Beall’s Hill for new construction. The available lots are 1081 Ash St., 1023 Oglethorpe St., 1029 Oglethorpe St., 1035 Oglethorpe St., 1039 Oglethorpe St., 1050 Maple St. and 1056 Maple St.
The Mercer incentives are only part of the potential benefits available to home buyers. There is an $8,000 federal tax credit for first-time home buyers and $1,800 state tax credit for all home buyers, though both expire Dec.1. The Georgia Department of Community Affairs also offers low-interest rate mortgages through its Georgia Dream Homeownership Program, which includes assistance with down payment and closing costs.
In addition to these incentives, a number of other benefits are available to purchasers of historic homes in the target neighborhoods, including Federal Rehabilitation Tax Credits, State Preservation Tax Credits and a freeze on property taxes to pre-rehabilitation assessments.
For more information about the Mercer Down Payment Assistance Program and for details on eligibility for these incentives, contact Gina Hall in the Office of Payroll and Benefits at (478) 301-2787 or hall_gm@mercer.edu.
