FOR IMMEDIATE RELEASE

DCA awards $20.5 million in Housing Tax Credits

Housing tax credits are the primary driver to develop workforce and senior housing across Georgia


Atlanta, GA (November 14, 2016) –The Georgia Department of Community Affairs (DCA) announced today it will award $20.5 million federal housing tax credits to construct or rehabilitate 25 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 79 applications in the annual competition.

 

“Our goal for Georgia is strong, vibrant, livable and affordable communities – whether that is in urban areas or rural towns.  At DCA, we find partners equally as passionate about creating exceptional communities, then provide the technical and economic assistance to help them create this vision,” said DCA Commissioner Camila Knowles.  “Together, we are building affordable places to live, with wonderful amenities and access to excellent transportation, services, schools, and jobs.  By providing much-needed affordable housing for our workforce and our seniors, these properties help those who serve their communities to live and thrive in those communities.”

 

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 Housing Credit. In Georgia, the Housing Credit has financed the development of over 149,000 homes, supported nearly 169,000 jobs, and generated over $16 billion in local income and $6.3 billion in tax revenues.

 

The 2016 awards will add 1,628 affordable units to DCA’s affordable housing inventory, bringing the total inventory of units to about 92,000. Private investors contribute equity into partnerships, in exchange for tax credits, to generate the construction of new housing and the rehabilitation of existing units. The estimated economic impact in the initial year of this year’s tax credit award includes more than $250 million in local income, nearly $47.5 million in local government revenue, and nearly 3,500 jobs from construction expenditures. The awards also spur nearly 950 ongoing local jobs each year.

 

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 2018.

 

The Housing Credit was part of the Tax Reform Act of 1986. Over its 30-year life, the Housing Credit has become the most successful affordable rental housing production program in U.S. history, financing the development of nearly 2.9 million rental homes throughout the nation and providing 6.7 million low-income families, seniors, veterans, and people with disabilities homes they can afford.

Georgia developments receiving funding in the 2015 round are listed below.

 

County

City

Development

Affordable Units

Tenancy

Ben Hill

Fitzgerald

The Village of Ben Hill

42

Family

Bibb

Macon

The Gardens

80

Senior

Bibb

Macon

Tindall Fields I

64

Family

Burke

Waynesboro

Pine Trails

51

Family

Camden

St. Marys

The Village at Winding Road II

69

Family

Camden

Kingsland

The Preserve at Newport

72

Family

Chatham

Savannah

Romana-Riley Lofts

48

Senior

Cobb

Mableton

Wisteria Place of Mableton

83

Senior

Coffee

Douglas

Heritage Pointe

44

Family

DeKalb

Tucker

Northlake Senior Apartments

72

Senior

DeKalb

Decatur

Abbington Perimeter Apartments

61

Family

Fayette

Fayetteville

HearthSide Lafayette

75

Senior

Fulton

Atlanta

Centennial Place IV

107

Family

Fulton

Atlanta

Ashley Scholars Landing I

54

Family

Fulton

Atlanta

Villages of Castleberry Hill I

102

Family

Gordon

Calhoun

Stone Ridge Apartments

64

Family

Gwinnett

Snellville

Evermore Senior Village

58

Senior

Habersham

Cornelia

Peaks of Cornelia

68

Family

Hall

Gainesville

240 Atlanta Street Development II

70

Senior

Lowndes

Valdosta

Freedom Heights Apartments

57

Family

Lowndes

Hahira

The Village on Park

45

Family

Peach

Byron

St. Andrew's Court

60

Senior

Pulaski

Hawkinsville

Taylor Village

68

Family

Putnam

Eatonton

Lakeview Senior Gardens

46

Senior

Spalding

Griffin

Meriwether Homes Redevelopment III

68

Senior

 

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About the Georgia Department of Community Affairs

The Georgia Department of Community Affairs (DCA) 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, DCA helps communities spur private job creation, implement planning, develop downtowns, generate affordable housing solutions, and promote volunteerism. DCA 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.

 

CONTACT:          

Philip Gilman, Senior Policy Analyst

Georgia Department of Community Affairs

(o) 404-679-5277

Philip.Gilman@dca.ga.gov