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 |