Atlanta launching pilot no-interest loan program to help residents avoid evictions

The city of Atlanta is launching a pilot program to help some residents get no-fee, no-interest loans to help keep them in their homes.

The pilot program, part of the Neighborhood Reinvestment Initiative, will go for two years under the guidance of the nonprofit Flagstone Initiative, the city announced.

As part of the pilot, eligible households could receive $500 loans to help prevent financial hardships that could lead to missed rent payments. Household would then pay $20 a week for 25 weeks to pay back the loan.

Officials say the households would not have to deal with interest, credit reporting, or any collections tied to the loan. 

"The Neighborhood Reinvestment Initiative is about investing in communities while making sure the people who have called them home can stay and benefit from that progress," Dickens said. "Sometimes the difference between stability and crisis is a few hundred dollars at the wrong time. This pilot gives us another tool to step in early, help families stay in their homes and prevent a temporary setback from becoming an eviction."

The city would fund the program with $50,000 with additional funding coming from Airbnb, the Community Foundation of Greater Atlanta, the William Josef Foundation, and other local and national donors.

Households who want to learn more about the program can visit the Flagstone Initiative's website or Atlanta's Housing Help Center.