Incorporated in 1991, THE PACES FOUNDATION, INC. has grown into one of Georgia's most stable, recognized, experienced and successful not-for-profit community housing development corporations. Receiving its CHDO status from the State of Georgia in 1993, THE PACES FOUNDATION, INC. has submitted its annual review to the State of Georgia consistently renewing its favored designation. With over 1,300 low, very low and very, very low income housing units, serving persons with disabilities (audible, visual and ambulatory), the elderly, older persons and homeless, THE PACES FOUNDATION, INC. is one of the few not-for-profit organizations in the State of Georgia serving as a "stand alone" development and owner entity. This designation recognizes the organization's expertise and reliability in participating in State of Georgia LIHTC, HOME, State Housing Trust Fund for the Homeless, CHDO predevelopment and HUD HOME financing without the mandated requirement of consultants and more experienced partners. This recognition extends to allow THE PACES FOUNDATION, INC. to serve as a mentoring consultant to other inexperienced and start-up not-for-profit housing development organizations. The State of Georgia compliance score ranks THE PACES FOUNDATION, INC upon annual reviews consistently at the highest ranking.

Focusing primarily on rural Appalachian areas, THE PACES FOUNDATION, INC. facilitated the generation and delivery to the Governor the "Appalachian Housing Initiative 2000" which sought to secure for Georgia's poorest Appalachian counties favored treatment in the competition for limited state housing HOME funds. The nine governing county commissions of the nine poorest Appalachian counties formally supported this initiative. This effort along with other efforts was directly responsible in establishing a rural "set-aside" within the State of Georgia to ensure that rural areas of the state received a mandated share of resources to produce affordable housing. Each project of THE PACES FOUNDATION, INC. has received formal, public resolution of support from each governing municipality in which a development is located. Competitive restricted resources have been dedicated to each project in varying forms of grants, loans, tax abatements, materials, expeditious reviews, waivers and in-kind donations.

PACES' properties, with ample amenities such as playgrounds, community centers and laundry facilities, contain spacious, modern, fully equipped, energy efficient units designed by skilled professionals approved by the State of Georgia. Well-recognized, third party, bondable companies, approved by the State of Georgia are responsible for construction and property management. Seeking to stabilize and improve residents' lives, each property provides a variety of resident inspired social services for which staff is provided for facilitation and is free of charge to all qualifying residents.

COLLABORATIONS
THE PACES FOUNDATION, INC. or its officers and staff have consistently participated as founder, staff, committee participant and chair, consultant and/or advisor to, and supported and expanded the mission of, several not-for-profit entities such as: Georgia State Trade Association of Nonprofit Developers (GSTAND); Georgia Affordable Housing Corporation (a CDFI); Catholic Housing Initiatives; Catholic Personal Care Homes; and many "start-up" housing non-profit organizations.

The State of Georgia Department of Community Affairs has established published guidelines for participation in housing finance programs administered by the agency, which includes low-income housing tax credits, HUD HOME funds and various other programs. In order to utilize these resources to further the mission of nonprofit housing development organizations, nonprofits must demonstrate previous experience. Those "start-up" organizations which do not meet the experience requirement as both owners and developers of affordable housing must partner with organizations which have met the state's qualifying standards. This is in part for the purpose of "mentoring" and training new organizations in the program complexities as well as general real estate development skills. Thereby, the state has transferred the responsibility of "growing" qualified nonprofit community organizations to other organizations, the long-term benefit being communities with established and experienced housing organizations furthering their nonprofit missions of lessening the burden of government (by fulfilling their 501c3 missions). PACES is a state qualified nonprofit housing development corporation, which has been sought out by start-up and diversifying nonprofits for this very mentoring and training purpose. PACES provides both the experience and mentoring required in a state mandated partnership structure, while helping the new organization thereby access restricted state resources to further its mission of serving the communities' low-income households.

ORGANIZATIONAL GOVERNANCE, AUTONOMY AND ACCOUNTABILITY
A six member Board of Directors comprised of individual members of its communities with diverse backgrounds in real estate, finance, and marketing and advertising governs the organization. As a CHDO, 30% (three) Board Members are from low-income families which reside on properties developed by THE PACES FOUNDATION, INC. in order to keep the organization sensitive and responsive to the needs of its residents and CHDO mission. There is a five-person staff with three officers: President, Vice President and Secretary.

THE PACES FOUNDATION, INC. has remained either the sole General Partner or Managing General Partner of all partnerships in which it has engaged. Each development partnership has been crafted by reliable, experienced third party professionals such as attorneys, advisors and certified public accountants to ensure compliance with IRS code and program requirements and industry-wide acceptable non-profit limitations of liability and authority.

RESOURCES
THE PACES FOUNDATION, INC. gratefully acknowledges the following supporting resources, which have helped build the organization into one on the top affordable housing not-for-profit development entities in the State of Georgia:

• Hamilton State Bank, Braselton, GA (construction, permanent, AHP and operational financing)
• State of Georgia Low Income Housing Tax Credits
• State of Georgia HOME Funds
• State of Georgia CHDO predevelopment grants
• State of Georgia Training grants
• State Housing Trust Fund for the Homeless
• Federal Home Loan Bank of Atlanta and Dallas Affordable Housing Program
• City of Del Rio, Texas (real estate tax abatement)
• City of Savannah, Georgia ( infrastructure improvement and low interest construction loan off-site and on-site)
• Mountain City, Georgia
• Microsoft (software)
• Bank of America (NationsBank-computers)
• Arnold Golden and Gregory, Attorneys (legal advice)
• Martin Riley and Associates (architectural site planning and design)
• LandTec (engineering site design, civil design, environmental services)
• Community National Bank of Hondo, Texas (AHP sponsorship and development financing)
• Habif, Arogetti and Wynne (accounting advice)
• Enterprise Social Investment Corporation (training grants, on-call consulting services)
• Regions Bank (construction and permanent lender)
• SunAmerica (equity partner and lender)
• SunTrust Banks (equity partner and lender)
• Affordable Equity Partners (equity partner)
• Hardin Construction Company (pricing and design assistance)
• Chap Ashmore (general contractor, predevelopment site and cost analysis)
• Contract Compliance Services Inc. (predevelopment design and cost analysis)
• The Lane Company (property operations analysis, design and planning)
• ...and many, many more concerned citizens and individuals