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EASTSIDE TAD (Tax Allocation District) AFFORDABLE HOUSING PURCHASE PROGRAM
$8,000 Tax Credit for First Time HomeBuyers
Have you always wanted to live close to Downtown's great restaurants and attractions, but thought that it was too expensive for your budget? Downtown is in the midst of a residential revival and all of the hottest new buildings have affordable units still available. The sales price for one bedroom units is $144,000 and the sale price for two bedroom units is $155,000. Call 770-906-5039 to learn more!
The skyline is changing. The architecture is awesome. The vision is new Atlanta. TWELVE Centennial Park consists of twin 39-story residential towers which book-end a fabulous boutique hotel that complement exciting downtown living. Innovative. Interesting. Smart. Glass that reflects the sky, the city and the upfront urban attitude of the people who will call TWELVE Centennial Park their home. Be first.
Coming Soon! Tribute Lofts located at the junction of Freedom Parkway and Boulevard, will offer true loft living in the heart of the city's historic Old Fourth Ward. Homeowners will enjoy high-design and high-quality homes all within an easy walk or bicycle ride to Inman Park, Virginia Highlands, Little Five Points, Midtown and Downtown. To register on our priority buyers list go to
Edge Lofts is a mixed-use development located on Edgewood Ave the historic Martin Luther King Jr. District. This development include 36 condominium units, 13,000 square feet of street-level retail space and a 538-space parking garage. Edgewood Ave historically been known for a contemporary, bustling lifestyle Edge Lofts will live up to this reputation. Come experience "Life on the Edge"!
Located on Auburn Avenue in a formerly-neglected portion of Atlanta's revered Martin Luther King, Jr. Historical District, Renaissance Walk will include 158 for-sale on and two-bedroom condominiums along with 27,000 square feet of new and restored retail development, and approximately 4,000 square feet of adaptive reuse historical interpretive museum space. The development will also restore several 1950s and 1960s era historical buildings and readapt them to modern uses.
Oakland Park is conveniently located in the northern part of historic Grant Park and overlooks the Oakland Cementery. Residents of Oakland Park can wal to the MLK MARTA station, Zoo Atlanta and numerous bars and restaurants. Best of all, residents enjoy unobstructed views of downtown.
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Building
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Pre-Sale Date
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Move-in Date
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Total# of Affordable Units
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Remaining # of 1 Bedroom units*
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Remaining # of 2 Bedroom Units*
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Twelve at Centennial Park
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Now
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Q3, 2007
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104
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12
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Sold Out
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Tribute Lofts
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Q2, 2006
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Q1, 2007
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29
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20
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9
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The Reynolds
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Now
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Q2, 2006
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26
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Sold Out
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Sold Out
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The Edge Lofts
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Q4, 2006
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Q4 2007
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9
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5
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4
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Renaissance Walk at Sweet Auburn
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Now, with reservations
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Q3, 2007
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32
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17
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3
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Oakland Park
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Q3, 2006
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Q3, 2007
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13
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6
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7
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* As of 8.10.06
The buildings listed above are loacated in the Eastside tax allocation district (TAD). At least 20 percent of the units in projects receiveing TAD funds must be affordable buyers whose gross household income does not exceed 80 percent of the Atlanta metropolitan statistical area median income level as defined by the U.S. Department of Housing and Urban Development. The income levels for 2006 are as follows:
Household Size Income Limit
1 Person $39,850
2 Person $45,550
3 Person $51,250
4 Person $56,590
5 Person $61,500
To learn more about the Eastside Tax Allocation District affordable Housing Purchase Program, Call: 770-906-5039
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EASTSIDE TAD (Tax Allocation district) AFFORDABLE HOUSING PURCHASE PROGRAM FREQUENTLY ASKED QUESTIONS
1. What is the annual gross income cap?
Household Size Income Limit
1 Person $39,850
2 Person $45,550
3 Person $51,250
4 Person $56,950
5 Person $61,500
2. What will I pay for an affordable unit?
Maximum
Sales Price
1 Bedroom $144,000
2 Bedroom $155,000
3. How and when is the value of the soft second (ghost) mortgage determined?
The ADA subsidy, which is a soft second mortgage, is equal to the difference between the market price and the affordable price (as outlined above) for the unit. The value of the soft second mortgage is determined at the completion of the third (3rd) party appraisal (conducted by the first mortgage lender).
4. Do I pay any interest on the soft second mortgage?
No. The soft second mortgage is non-interest bearing.
5. Is the soft second mortgage ever forgiven?
Yes, the mortgage is forgiven fifty (50) years after closing.
6. Is there a minimum income?
No; however, ALL income MUST be fully disclosed and analyzed by the approved lender.
7. Is it okay if I make more than the annual gross income cap at closing?
You must meet income qualifications when you sign the income affidavit, which will occur no more than 30 days prior to closing.
8. What proof of income and household size do I need to supply? When does this need to be supplied?
Purchaser must provide signed tax returns from the two (2) most recent years and pay stubs from the most recent month. Purchaser will sign an affidavit verifying their household size prior to closing. ALL pre-approval documentation will need to be provided to the APPROVED LENDER within 72 hours.
9. How many residents are permitted per unit?
ADA does not dictate the maximum number of residents permitted per unit; however the developer may have household size restrictions.
10. Does this home need to be my primary residence?
Yes. You must occupy this home for at least nine (9) months of the year.
11. Can my unit be serve as a second home?
No.
12. May I ever lease my home?
The purchaser is not permitted to lease their home unless the soft second mortgage has been repaid to ADA.
13. Does this have to be my first home purchase?
No.1
14. May I own other (rental) property and qualify for this home?
This is permitted if your income does not exceed the income limits and will allow an additional mortgage.
15. Is there a limit to other assets that I can have?
No.
16. Are the association fees reduced for affordable buyers?
No. Purchasers will pay the same condominium association fees as the other residents in the building.
17. What are the taxes for these homes?
Fulton County will be assessing all units at their market rate value. Your property taxes will reflect the value as determined by the third (3rd) party appraisal.
18. Do I have to use specific lenders?
Only lenders who have been approved by ADA are permitted to close loans on these units. Please request the list of approved lenders from your sales agent or ADA. Only 30-year fixed-rate mortgages are permitted on units.
19. Is the seller contributing anything towards closing costs?
Closing cost allowances are negotiated between the purchaser and seller.
20. Can I roll the cost of upgrades into my loan?
No.
21. When do I pay for upgrades?
All upgrades costs, terms and conditions are negotiated between the purchaser and seller.
22. May I resell my unit at any time?
Yes, however, if you sell your unit, the soft second mortgage will be recaptured and repaid.
23. May I keep all the profits?
Upon the sale of the unit, sale proceeds will be distributed in the following order:
a. Payment of the loan
b. Repayment of other deferred loan, if applicable
c. Payment of soft second mortgage to ADA/Trust
d. Remainder to purchaser
24. Can a buyer have a co-signer for the loan?
Yes, as long as both qualify and meet all eligibility requirements.
25. What is the earnest money requirement?
The amount of earnest money due at contract signing is determined by the developer.
26. Will any additional money be due at closing?
Money due at closing will vary from borrower to borrower. ADA will require all borrowers to have a minimum of $1,500 of their own funds in the transaction. These funds CAN NOT be a gift from a third party source.
27. Will I be able to refinance my home and pull money out?
The purchaser will not be permitted to obtain a home equity loan using the unit as collateral unless the soft second mortgage is paid to ADA.
28. May I purchase an affordable unit for a third party, such as a family member?
No. All units MUST be occupied as the primary residence of the purchaser.
1 If the unit is a part of the Oakland Park (563 Memorial Drive) or Tribute Lofts (480 John Wesley Dobbs Avenue) projects, the purchaser must be a first-time homebuyer or not have owned a home that was their principal residence within the past three years
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