FOR IMMEDIATE RELEASE
Georgia Department of Community Affairs awards $22.4 million in tax credits to develop workforce housing
Tax credits are primary driver for affordable rental housing development in state
ATLANTA (Nov. 19, 2014) –The Georgia Department of Community Affairs (DCA) announced today it will award $22.4 million federal housing tax credits to construct or rehabilitate 30 affordable rental housing properties located throughout the state. 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:
|Bibb||Macon||A.L. Miller Village (Rehab)||71||Family|
|Bibb||Macon||Hunt School Village||60||Senior|
|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|
|Fulton||Atlanta||Centennial Place Phase 2 (Rehab)||177||Family|
|Fulton||Roswell||Veranda at Groveway||101||Senior|
|Houston||Warner Robins||Potemkin Senior of Warner Robins II||52||Senior|
|Jefferson||Wadley||Forest View Apts. (Rehab)||36||Family|
|Jones||Gray||Water Tower Park Senior Village||72||Senior|
|McDuffie||Thomson||Rollingwood Place Apts.||72||Family|
|Mitchell||Camilla||Southfork Apts. (Rehab)||96||Family|
|Muscogee||Columbus||BTW-Chapman Phase 2||106||Family|
|Putnam||Eatonton||Sumter Street Station||62||Family|
|Richmond||Augusta||Freedoms Path at Augusta (Rehab)||78||Veterans|
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. For more information, visit www.dca.ga.gov.
(o) 404-679-0661; (c) 404-670-4408