Foreclosure in Atlanta>Question Details

Mr. Brightsi…, Home Buyer in Alpharetta, GA

tax allocation district discount

Asked by Mr. Brightside, Alpharetta, GA Fri Dec 7, 2007

I read briefly about the TAD discount on one of the realtor's blog. Can someone share their experience, describe more details or even share links on how to take advantage of this program? My wife and I are currently renting in Alpharetta, GA and are interested in getting a two-bedroom condo in Midown/Buckhead area. Thanks in advance.

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I've never heard of a TAD Discount, but I've heard of TAD's. TAD's are just a tool used by the City of Atlanta to spur rebuilding and economic growth in the more economically depressed areas of the City, therefore Midtown and Buckhead don't even have TAD's. There are some mortgage assistance programs available from the City of Atlanta, but they have income requirements. You can see the programs here:…

So, hopefully by now, you see that I'm not a realtor trying to sell you something. I'm going to give you some advice, and yes, it's even free. If you absolutely must live in Midtown or Buckhead, you're going to have to pony up for it. Or, you can do like thousands of other college educated 20 and 30-somethings are doing (like me), and be part of the gentrification and urban renewal that is going on in other neighborhoods (see list below). If you take a closer look, you'll find that Atlanta has more than 2 neighborhoods, where your dollar goes a lot further, and the return on your investment exceeds what you'll get on a Buckhead condo. Talking about condos, I've got 2 friends that have sold their condos (1 Buckhead, 1 Midtown) after owning for several years, and they didn't make a cent after all the selling costs, so why even bother? You should look at buying a house (which you can afford in these neighborhoods- a much more stable investment in it's own right compared to a condo, and you won't have to sell and move when you start having children. If you bought a condo now, chances are you'll be looking to buy a house 4 to 7 years down the road anyways, right? That's thousands of dollars in real estate transaction costs between selling a condo and buying a house- why not just buy the house? Neighborhoods you should look into are East Atlanta, Kirkwood, Grant Park, Ormewood Park, and Cabbagetown.

Oh, here's the website on the TAD:

Hope this helps,
2 votes Thank Flag Link Sun Dec 9, 2007
To continue from my previous answer. In addition to the Affordable Housing/TAD Program for Highrises. If you chose to purchase outside of the six Condo Locations....(mostly 1Bedrooms or 1 Bedrooms with den remaining) you can get another Program offered by Atlanta. The maximum income is a little over 85K for a family of two. With this program, you can get 30 YR Fixed 6.250, 4% GRANT for Closing Costs, and 10% off the purchase price of the home. Maximum purchase price is around 252K.You can contact me for more information on this program as well.
0 votes Thank Flag Link Sun Dec 16, 2007
There are a couple LUXURY High Rises in Midtown participating in TAD. 1BR 144K, and 2BR 154K. There are income restrictions. Please contact me for more information. This is exclusive to the Closing Costs and that the builders offer. You can also use the ADA Grant (4%) for closing costs or downpayment assistance. The Market Price for these places start well in the 200s. If you decide to sell you must price at Market Value. Please contact me for more information.
0 votes Thank Flag Link Sun Dec 16, 2007
The City of Atlanta through the Atlanta Development Authority have a program which will help first-time home buyers in the city of Atlanta. I had a client a few weeks ago who went through the program and my experience with them is that they are very slow, but the program is very attractive. You just have to be very patient with them and hopefully your seller will cooperate with you.
You can contact me through my website and also get a list of discounted properties here:…
0 votes Thank Flag Link Fri Dec 7, 2007
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