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LAS BRISAS NINETY PERCENT LEASED IN TEN WEEKS

  - As construction draws to a close, move-ins confirm affordable housing need in Del Rio, TX -

ATLANTA – October 30, 2002 – The Paces Foundation, a nonprofit, affordable housing developer, today announced that Las Brisas Apartments is now ninety percent leased.  The relatively short lease-up period of ten weeks confirms Del Rio’s need for affordable rental housing.

The newly constructed 76-unit tax credit property, which is located in Del Rio, Texas, began its lease-up marketing campaign in August.  The Lane Company, an Atlanta-based property management company, has remained focused on marketing directly to persons with disabilities, homeless persons and those persons who were victimized by the San Felipe flood in 1998. 

All eight of the specially equipped handicapped units are currently leased and it is expected that the property will be one hundred percent occupied by the end of the year.

“Our market study had predicted a lease-up period of seven months,” said Mark du Mas, president of The Paces Foundation.  “The quick lease-up validates the demand for affordable housing in the Del Rio community.  In addition, credit must be given to the efforts of our property management company and the wonderful support we have received from the local government.”

Las Brisas Apartments was awarded tax credits from the Texas Department of Housing and Community Affairs in 2000 and 2001.  The project was also awarded an Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas in 2001.  First Union is the project’s equity investor and Community National Bank of Hondo is providing the construction financing, permanent financing and AHP sponsorship.

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, Municipal and private entities, 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.