Sumter Street Station Project Awarded Tax Credits

Gary SandersCity News, Press Release

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:

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. For more information, visit www.dca.ga.gov.

Alison Tyrer
(o) 404-679-0661; (c) 404-670-4408
alison.tyrer@dca.ga.gov