Tuesday, January 23, 2018
   
Text Size

Residential Real Estate

Dec. 5 - Six Coastal Georgia projects receive awards, part of $22.4 mil in tax credits by Dept. of Community Affairs

Coastal Empire News Staff Report

December 5, 2014 - The Georgia Department of Community Affairs (DCA) announced recently that it will award $22.4 million in federal housing tax credits to construct or rehabilitate 30 affordable rental housing properties located throughout the state. Six of the awards are for Coastal Georgia projects (see list below.)

The developments include affordable housing for working families, housing for Georgia seniors and housing for persons with disabilities, and were selected from 57 applications in the annual competition.

"Funding these properties increases the inventory of affordable quality rental housing for our neediest citizens along with the workforce so vital to Georgia’s business goals," said DCA Commissioner Gretchen Corbin. "Among all the resources DCA provides communities to generate economic growth, these tax credits are key to diversifying a community’s housing infrastructure.”

The Housing Credit is the nation’s and Georgia’s main tool to create and preserve affordable housing for households that need it most, including working families, veterans, people with special needs, seniors, teachers, nurses, firefighters and police. Virtually all affordable apartments built each year are financed through the program. In Georgia, the Housing Credit has financed development of almost 144,000 homes, supported 162,700 jobs, and generated $15.51 billion in local income and $6.11 billion in tax revenues.

The 2014 awards will add 2,292 units to DCA’s affordable housing inventory, bringing the total number of units to 87,604. The awarded tax credits are sold by project developers to private investors to raise equity for the construction of new units and the rehabilitation of existing units. The estimated one-year economic impact of this year’s tax credit award includes more than $176 million in local income, over $18.5 million in local government revenue, and nearly 2,700 jobs from construction expenditures.

The new units are located in both rural and urban areas in the state. They are anticipated to be available for tenant occupancy in late 2016.

The Housing Credit was part of the Tax Reform Act of 1986. Over its 25-year life, the Housing Credit has become the most successful affordable rental housing production program in U.S. history, financing the development of over 2.7 million rental homes throughout the nation, creating nearly 96,000 jobs annually and leveraging almost $100 billion in private investment.

Georgia developments receiving funding in the 2014 round are listed below.

COUNTY

CITY

DEVELOPMENT NAME

UNITS

PURPOSE

Bibb

Macon

A.L. Miller Village (Rehab)

71

Family

Bibb

Macon

Hunt School Village

60

Senior

Bryan

Pembroke

Sawmill Landing

60

Family

Bulloch

Statesboro

Newport Trace Apts.

42

Senior

Catoosa

Ringgold

Summer Breeze Park

72

Family

Chatham

Savannah

Hitch Phase 1

72

Family

Chatham

Savannah

Sister's Court (Rehab)

78

Senior

Clarke

Athens

North Grove Apts. (Rehab)

128

Family

Clarke

Athens

Pauldoe Redevelopment Phase 3

138

Senior

DeKalb

Scottdale

Retreat at Mills Creek

80

Senior

DeKalb

Decatur

Trinity Walk Phase 1

69

Family

Floyd

Rome

Highland Estates

84

Senior

Fulton

Atlanta

Centennial Place Phase 2 (Rehab)

177

Family

Fulton

Roswell

Veranda at Groveway

101

Senior

Houston

Perry

Oliver Place

100

Senior

Houston

Warner Robins

Potemkin Senior of Warner Robins II

52

Senior

Jackson

Commerce

Mason Manor

48

Senior

Jefferson

Wadley

Forest View Apts. (Rehab)

36

Family

Jones

Gray

Water Tower Park Senior Village

72

Senior

Lee

Leesburg

Park Senior

50

Senior

Liberty

Hinesville

Liberty Place

72

Senior

McDuffie

Thomson

Rollingwood Place Apts.

72

Family

Mitchell

Camilla

Campbell Place

52

Senior

Mitchell

Camilla

Southfork Apts. (Rehab)

96

Family

Morgan

Madison

Silver Lakes

44

Senior

Muscogee

Columbus

BTW-Chapman Phase 2

106

Family

Putnam

Eatonton

Sumter Street Station

62

Family

Richmond

Augusta

Freedoms Path at Augusta (Rehab)

78

Veterans

Sumter

Americus

Southwestern Estates

64

Family

Tift

Tifton

Groves Place

56

Senior

 

The Georgia Department of Community Affairs (GDCA) partners with communities to create a climate of success for Georgia’s families and businesses through community and economic development, local government assistance, and safe and affordable housing. Using state and federal resources, GDCA helps communities spur private job creation, implement planning, develop downtowns, generate affordable housing solutions and promote volunteerism. GDCA also helps qualified low- and moderate- income Georgians buy homes, rent housing, and prevent foreclosure and homelessness.

© Copyright by Coastal Empire News, Savannah, GA. All Rights Reserved. www.CoastalEmpireNews.com.

 

 

 

CLICK to get NEWS ALERTS!

Follow Us!

  • Facebook: BrunswickDailyNews
  • Google+: brunswickbusinessjournal
  • Twitter: https://twitter.com/BrunsDailyNews

SavDaily

BBJ Top Jobs
MY ACCOUNT
CONTACT
SOCIAL
MORE
ADVERTISE
Coastal Empire News
Headquarters: 35 Barnard St., Suite 300, Savannah, GA. 31401.
Tel: 912-388-4692 | Hours: 8:30 a.m. to 5:00 p.m.

Copyright 2018 - Coastal Empire News | Designed by Absolute Marketing