Freddie Mac launches effort to revive Atlanta neighborhoods

Freddie Mac has teamed up with two real estate industry leaders to revive Atlanta's Gwinnett County neighborhoods by rehabilitating empty foreclosed homes, providing affordable mortgages and down payment assistance. The IMPACT Group, mortgage lender Taylor, Bean & Whitaker, Brand Bank and their partner mortgage giant Freddie Mac are sponsoring the Building a Better Block Gwinnett initiative, the companies said today. The group aims to revive neighborhoods by rehabilitating dozens of empty foreclosed homes, providing affordable, low-down-payment mortgages and potentially thousands of dollars in down payment assistance to qualified, mainly first-time, home buyers, the companies said. The IMPACT Group and Freddie Mac officials hope to provide the home buying public with a steady supply of quality, renovated homes, the group said. As repairs are completed, the homes will be marketed and sold through participating local real estate professionals. HomeSteps, Freddie Mac's real estate-own...