Quest Announces New Homeownership Initiative on Atlanta’s Westside

Quest Homeownership Initiative Overview

The Quest Homeownership Initiative is a proven pathway for wealth creation and economic mobility on the Wetside. QuestCDC in partnership with Quest Ventures introduces the Quest Homeownership Fund - pioneering an innovative trifecta of land-trust, life insurance and down-payment product that removes the capital barriers faced by lower income families in buying their first home, which puts them on a promising path toward financial well-being and wealth creation.

Quest Homeownership Fund

The Quest Homeownership Fund offers individuals access to no-interest down-payment funds that can be used toward the purchase of a new home. Upon selling or refinancing, homebuyers then return their down-payment plus 5% of the home’s appreciation value to support the next homebuyer on their journey to wealth and ensure the Homeownership Fund can continue to operate.

Who is Eligible?

To be eligible for the Quest Homeownership Fund, first-time home-buyers must attend a first-time home-buyer program and use their home as their primary residence; have a family income of $150,000 or less per year; and receive a conventional mortgage loan through participating lenders In addition the borrower would be required to have at least 3 months mortgage payment saving, the Homeownership Fund provides up to $100,000 in down-payment assistance;

• First-time Homebuyer

• Income less than 140% of their area median income or combine house hold income $150,000 or less.

• Have completed a first-time homebuyer course through a participating lender.

• The home is your primary residence.

• Have saved at least 3 months of mortgage payments in the form of shared equity.

Quest Westside Pilot Project

This pilot project will be the Westside’s first permanently affordable housing option demonstration. Quest has acquired land on the Westside through a contract with Atlanta’s Housing to develop 30 newly constructed homes for residents at 80% AMI and above.

“For decades Homeownership has been marketed as one of the single most important assets to build wealth, but with staggering barriers to access - one must ask, how do we change access points and provide new strategies that support the home covenant structures dictating the reproduction for each homeowner understanding this type of asset as a long-term investment and wealth building tool?” - Leonard L. Adams Jr., President and CEO