Mercer Down Payment Assistance Program

Down Payment Assistance Program

“

Mercer’s Down Payment Assistance Program (DPA) was extremely helpful, because it allowed us to fulfill a dream of living in a historic home. A benefit of buying a house in the Huguenin Heights neighborhood under this program was that we were able to utilize the DPA prior to renovation. With the DPA, state income tax incentives, and property tax abatements, we will be saving ourselves approximately 40 percent off the total purchase and renovation price of the home.

We love the historic ambiance of the neighborhood.

Brent Meyer, MA, LCSW: Assistant Director, Counseling & Psychological Services

Andrea Meyer, Ph.D.: Assistant Professor, Marriage & Family Therapy, Mercer School of Medicine

The home we purchased was built and finished in 1896. There is living history throughout the home, and it is incredible to uncover the stories we have while going through this process. We also enjoyed the sense of community that downtown life has provided us. Our neighbors have become family in many ways!

“

Buying a house as young newlyweds really wasn’t a feasible option for us financially. Mercer’s DPA helped us fast-track our dream of being home owners, so that we could start putting down roots in the community we love.

Proximity to downtown is definitely one of our favorite things about living in the Corridor.

We enjoy being part of a smaller community within Macon in the Beall’s Hill neighborhood, and have found another place to plug-in by meeting our fellow College Hill Corridordwellers. We can take advantage of events like concerts in the park, guest lectures, and athletics — not to mention that I can walk to work everyday.

Then there’s Mercer Village! Who wouldn’t want to live a five-minute walk from local restaurants and a neighborhood coffee shop?

”

Megan DeLong, Director, Enrollment Management Services Adam DeLong, alumnus, College of Liberal Arts

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Frequently Asked Questions About the Mercer Down Payment Assistance Program Q. Who is eligible for the program?

A. All full-time Mercer employees are eligible.

Q. Why does this program exist?

A. Mercer is working on the revitalization

of the College Hill Corridor by encouraging home ownership and neighborhood engagement and remains committed to conserving and rebuilding the historic urban fabric. The DPA program is made possible through a partnership with the John S. and James L. Knight Foundation that has been in existence since 2008 and has given over $700,000 in down payment assistance to University employees.

Q. What is the College Hill Corridor?

A. The College Hill Corridor is a two-square-mile area between Mercer University and Macon’s downtown commercial district composed of several historic city neighborhoods. This cherished area of town

is more than a location. It’s a movement.

What began as Senior Capstone project for a group of graduating Mercer students developed into a community-owned master plan, where public input was compiled to utilize the Corridor as a vibrant, hip, innovative and historic destination that solidifies the connection of the University and Downtown Macon.

Q. What is it like living in the Corridor?

A. Living in the Corridor is safe, affordable and ideal for those who want to belong to a community. The close-knit neighborhoods are known for their signature community events, public parks and for being pedestrian and bike-friendly. The University and Mercer Village, the neighborhood’s restaurant and retail destination, are within walking or cycling distance from anywhere in the Corridor.

There are homes to fit every lifestyle and budget, from shotgun homes to historic mansions all in the same block. Brand new construction and newly rehabbed opportunities are also available where buyers can work with top local contractors to design an ideal, energy efficient living space.

Q. Which properties qualify for Down Payment Assistance?

A. Properties must be in the College Hill Corridor (see map), be a minimum of 500-square-feet, and have a minimum purchase price (or value after rehabilitation) of $50,000.

Specific requirements include: • Newly constructed and never occupied homes.

Neighborhood Appeal

• Historic home that has been substantially rehabilitated and not occupied since the rehabilitation.

• Foreclosed homes (case-by-case basis).

• Historic homes where Down Payment Assistance recipient increases tax value by 50 percent through rehabilitation.

Q. What is the amount of assistance?

A. For homes purchased above $75,000, the employee benefit is 17 percent of the purchase price with a $20,000 limit of contribution. For homes purchased at or below $75,000, the employee benefit is 17 percent of the purchase price plus closing costs with a $20,000 limit of contribution.

Q. What are the terms and conditions?

A. Mercer employees who buy eligible properties in the College Hill Corridor commit to live in the home for five years after the date of purchase. If the property is sold before the end of the initial five-year residency period, a prorated portion of the initial Down Payment Assistance must be repaid to the University at the time of ownership transfer.

The University’s contribution will be payable at closing to the homebuyer and the closing attorney. The University

will retain a security interest in the property in the form of a zero-interest Retention Agreement, setting forth the conditions under which the purchaser will be required to repay all or a portion of the University’s contribution.

This repayment obligation may be satisfied through continuous ownership and occupancy of the property over a period of five years (one-fifth of the repayment obligation being satisfied annually on the anniversary date of the closing).

Q. Where do I go for additional information?

A. If you are interested in learning more about Mercer’s Down Payment Assistant Program, contact Gina Hall of the Benefits and Payroll Administration Office: 478.301.2787 / hall_gm@mercer.edu.

To learn more about living in the College Hill Corridor, its neighborhood offerings and eligible homes, please contact the College Hill Alliance: 478.301.2008 / info@collegehillmacon.com.

You can also visit these websites: dpa.mercer.edu and collegehillmacon.com.

Mercer Down Payment Assistance Program

College Hill Alliance

Gina Hall | 478.301.2787 | hall_gm@mercer.edu

478.301.2008 | info@collegehillmacon.com

dpa.mercer.edu

collegehillmacon.com

*Pictured are homes purchased with Mercer Down Payment Assistance.

Photos by Maryann Bates.