THE
PACES FOUNDATION AWARDED TAX CREDITS FOR TWO PROJECTS
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Autumn Ridge and Sequoyah Village to begin construction by year’s
end -
ATLANTA
– August 29, 2002 –
The Paces Foundation, a nonprofit, affordable housing developer, today
announced that two of its projects have been awarded State and Federal
Low Income Housing Tax Credits by the Georgia Department of Community
Affairs. The two
developments, Autumn Ridge and Sequoyah Village, are slated to begin
construction by the end of this year.
The
future site of Autumn Ridge Apartments is located in Dalton, Georgia.
The new multi-family development will feature 130 units, a
community building and a swimming pool.
SunTrust Bank will be providing the construction, debt and
equity financing.
Sequoyah
Village Apartments will be built in Mountain City, Georgia, which is
located in the far Northeast corner of the State and within one of
Georgia’s historically poorest counties. The community will be nestled on the side of a wooded
mountain slope and will consist of 64 multi-family units, a community
building and playground. 2002
marks the fourth year in a row that Sequoyah Village was submitted to
the Georgia Department of Community Affairs for a tax credit
allocation.
“This
funding ensures that nearly 200 low-income families will be able to
afford and move into a clean, safe, modern and professionally-managed
community,” said Mark du Mas, president of The Paces Foundation.
“Since our communities have continued to produce successful
results, we are now in a stronger position to expand our reach and
invest more resources, which will directly benefit our low-income
neighbors.”
With
456 units in operation or under construction, the addition of these
two projects will boost The Paces Foundation’s portfolio to 650
units within seven 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.
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