THE
PACES FOUNDATION AWARDED $2.3 MILLION BY FEDERAL HOME LOAN BANK
- AHP subsidized advance
and direct subsidy will be used to acquire 35 units in Blue Ridge, GA
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ATLANTA
– July 31, 2003 –
The Paces Foundation, a nonprofit, affordable housing developer, today
announced that the Federal Home Loan Bank of Atlanta has awarded its
Mineral Springs Apartments project an Affordable Housing Program (AHP)
subsidized advance in the amount of $1,876,500 and a direct subsidy in
the amount of $500,000 to finance the acquisition of 35 units in Blue
Ridge, Georgia.
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.
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