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 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.
A developer will build the Sumter Street Station, a 62 unit apartment building for working families in Eatonton and Putnam County. The development is anticipated to be available for tenant occupancy in late 2016.
To read the full article go to: http://www.dca.ga.gov/DCANews/PressReleaseDetailnet.asp?view=1109