THE
PACES FOUNDATION AWARDED 2003 TAX CREDITS FOR THREE PROJECTS
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Georgia projects located in Blue Ridge, McDonough and Savannah -
ATLANTA
– September 30, 2003 –
The Paces Foundation, a nonprofit, affordable housing developer, today
announced that all three of its development applications have been
awarded State and Federal Low Income Housing Tax Credits (LIHTC) by
the Georgia Department of Community Affairs.
The three developments, Mineral Springs, Montgomery Landing and
TimberChase, are scheduled to begin construction within the next year.
Mineral
Springs Apartments will include 67 multifamily units in Blue Ridge,
which is located in Fannin County, Georgia.
Through a 2003 AHP award from the Federal Home Loan Bank of
Atlanta (FHLBA), The Paces Foundation will be acquiring 35 existing
units that were built approximately one year ago.
The LIHTC award will be utilized to build an additional 32
units of affordable housing, a community building, and other
amenities. Regions Bank,
a member of the FHLBA, will serve as the intermediary for the funds
and will monitor the project for compliance.
Montgomery
Landing Apartments will include the construction of 144 multifamily
units within the city limits of Savannah, Georgia.
The development is an ideal infill project in that it will
clean up vacant land that is littered with junk piles and refuse;
isolate and secure protected wetlands for future generations; and help
bring revitalization and stability to a neighborhood that lies within
a Qualified Census Tract. The
design includes a community building with a fitness center, swimming
pool and designated recreational areas.
For this project, The Paces Foundation is partnered with
Parallel Housing, a nonprofit based in Athens, Georgia.
TimberChase
Apartments, also known as Grier Senior Manor, will be the future home
to 64 units of affordable housing for older persons, those 55 and
older, in McDonough, Henry County, Georgia.
As part of the Atlanta Metropolitan Statistical Area (MSA),
this conveniently located community will offer its active residents
access to walking paths, gardens, a gazebo, an exercise center and
programs offered on and off site.
For this project, The Paces Foundation is partnered with two
Atlanta-based nonprofits, Rice Family Farms Consortium and LowCom
Development.
“These
funding awards have secured affordable, modern housing for more than
200 low-income families for the next thirty years,” said Mark du Mas,
president of The Paces Foundation. “From a strategic perspective, we have strengthened our
portfolio through diversification, both geographically and
demographically.”
With
650 units in operation or under construction, the addition of these
three projects will increase The Paces Foundation’s portfolio to 925
units within ten 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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