Georgia’s Ministry of Community Affairs awards $28 million in housing tax credits

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The Georgia Department of Community Affairs (DCA) recently announced that it will provide $27,980,800 in 9% housing tax credits to build or preserve twenty-eight (28) affordable rental housing projects. Once completed, the properties will offer below-market rents to families, seniors and people in need of supportive housing.

The twenty-eight (28) winners were among sixty-one (61) applications. Prizes are evenly distributed throughout Georgia. Prizes include nine (9) new build rural developments, seven (7) new build Atlanta metropolitan developments, eight (8) new build other metropolitan developments, and four (4) developments preserving existing housing. Selected developments will target a variety of household tenancies – family, housing for the elderly (HFOP) and elderly – and will include supportive housing for people with disabilities and integrated housing with support services for survivors of sex trafficking. domestic.

The nearly $28 million in housing tax credits will generate about $360 million in investment capital flows. The equity, in turn, will fund the construction or rehabilitation of 1,688 affordable housing units for low- and moderate-income Georgians earning up to 80% of the area median income (AMI). In addition to the tax credit funded units, 89 market rate units will be built or rehabilitated to produce mixed income developments.

“Collectively, these developments will provide safe and affordable housing for thousands of Georgians,” said DCA Commissioner Christopher Nunn. “The public-private partnerships made possible through this program are instrumental in efforts to improve housing affordability for Georgian families, our workforce and our seniors.”

The Housing Tax Credit Program is the nation’s and Georgia’s primary funding tool for newly constructed or rehabilitated affordable housing. The program represents a true public-private partnership between the IRS, Georgia, developers, lenders, and equity providers. Georgia provides housing tax credits of 9% on an annual competitive basis; applications submitted under the Qualified Allocation Plan (PAQ) 2022.

Distinctions Housing Tax Credit 9% 2022:

Preservation/Rehabilitation

Heritage Place, Savannah

$1,035,000

Family

Creekstone, dallas

$970,000

Family

Fair Oaks Lane, Rincon

$413,164

Family

Covington Square, Covington

$1,035,000

Elder/Senior

New construction – Rural

spring crest, Colquitt

$910,000

Family

Juniper Village, Varnell

$935,000

Family

dogwood trace, Nashville

$959,000

Family

Magnolia Villas, Tifton

$1,035,000

HFOP

Communes Carmichael, Madison

$1,035,000

Family

Forest in Kenton, hamilton

$974,279

Family

Creek in InvernessZebulon

$850,237

Family

Carrington Town Center, Richmond Hill

$914,000

HFOP

Landing of Bryant, United States

$965,000

HFOP

New Construction – Atlanta Metro

Phase I of Walton Crossing, norcross

$1,150,000

Family

Village at Legacy I, Decatur

$1,150,000

Family

Oasis Apartments, norcross

$1,150,000

HFOP

Senior Hymn III, South Fulton

$1,034,045

HFOP

Abbington halfway, Decatur

$1,150,000

HFOP

Clairmont Senior, Chambered

$785,000

HFOP

Gibson ParkCollege Park

$830,000

Family

New Construction – Other Metro

harvesting station, Valdosta

$1,076,400

Family

Place Tanner, Canton

$1,065,000

Family

Kelleytown Senior, McDonough

$1,121,431

HFOP

Apartments in Lake View, Robins Warner

$1,100,000

Family

River Point, Albany

$1,149,909

Family

Garden City Senior, August

$1,002,500

HFOP

11th Avenue Senior, Columbus

$1,116,554

HFOP

West Pointe Senior, Albany

$1,069,661

HFOP

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