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FOR IMMEDIATE RELEASE
THE
PACES FOUNDATION AWARDED $2.3 MILLION BY FEDERAL HOME LOAN BANK
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AHP subsidized advance and direct subsidy will be used to acquire 35 units in
Blue Ridge, GA - Nestled
amongst the mountains of North Georgia in Fannin County, Mineral Springs
Apartments is less than one year old and is currently in lease up.
The AHP award ensures that 21 of these units will be reserved for
low-income families, while the other 14 units will remain market rate units. The
acquisition of these 35 units is only the first phase of Mineral Springs
Apartments. On May 15, 2003, The
Paces Foundation submitted a Low Income Housing Tax Credit (LIHTC) Application
to the Georgia Department of Community Affairs (DCA) with the intention to build
an additional 32 rent restricted units, a community building and other
amenities. Regions Bank, a member
of the FHLB alliance, will serve as the intermediary for the funds and will
monitor the project for compliance. “The
Federal Home Loan Bank continues to be an excellent supporter and partner of our
mission to provide affordable housing to low-income families, particularly in
rural communities,” said Mark du Mas, president of The Paces Foundation.
“Converting these units into affordable housing further demonstrates
our commitment to the low-income families who are severely underserved in our
State’s northern Appalachian communities.” About The Paces Foundation Incorporated
in 1991 as a Georgia nonprofit housing development corporation, The Paces
Foundation, Inc. is a federally recognized 501(c)3 that actively develops
housing solutions for its low-income neighbors.
Based in Atlanta, The Paces Foundation received its classification by the
State of Georgia as a Community Housing Development Organization
(CHDO) in 1993. A recipient
of loans and grants from Federal, State and Municipal authorities, The Paces
Foundation currently provides homes for 456 families in Georgia and Texas and
has over 500 additional units under construction or development. For more information, visit www.pacesfoundation.org. |
Send mail to webmaster@PacesFoundation.org with
questions or comments about this web site.
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