100th TAD Closing at Oakland Park

When Aiesha Bridges closed on her new Oakland Park condominium last month, she became the 100th person to benefit from Atlanta’s Eastside Tax Allocation District (TAD) Affordable Housing Purchase Program. TADs were established for the sole purpose of encouraging new development in particular areas throughout Atlanta.

Through the assistance of the TAD program, Aiesha’s new Atlanta condo will be financed for $88,000 under the sale price. Aiesha purchased a one-bedroom condominium for $200,000, but will only finance $112,000 herself thanks to the layering of several subsidies from the Eastside TAD program. The various government subsidies made Bridges’ new Downtown one-bedroom, one-bathroom condo more affordable for a teacher’s salary.

Oakland Park is Atlanta’s first Silver LEED Certified multi-family project – a particularly appropriate choice for a science teacher. Bridges says she plans to incorporate her new home into her lesson plans about conservation and sustainability when school starts up again. Other subsidy dollars for Bridges’s new home come from the HOME Atlanta and American Dream Downpayment Initiative (ADDI) programs, administered by the Atlanta Development Authority, and the Capitol Gateway down payment assistance program, administered by the Atlanta Housing Authority (AHA). Bridges also received a grant from ADA in the amount of 4 percent of her home purchase price that she was able to use toward closing costs.