Georgia Department of Community Affairs awards $25.8 million in tax credits to develop workforce and senior housing

Housing tax credits are primary driver for affordable rental housing development in state

ATLANTA – December 01, 2015 – (RealEstateRama) — The Georgia Department of Community Affairs (DCA) announced today it will award $25.8 million federal housing tax credits to construct or rehabilitate 33 affordable rental housing properties located throughout the state. The developments include affordable housing for working families, housing for Georgia seniors and housing for persons with disabilities, and were selected from 75 applications in the annual competition.

“The federal housing tax credit’s impact in Georgia is unparalleled. These properties allow those who serve and have served their communities to live and thrive in those communities,” said DCA Commissioner Camila Knowles. “The quality and energy efficiency of these properties rivals that of the private sector, making affordable housing an anchor in Georgia’s communities and providing needed workforce and senior housing.”

The Housing Credit is the nation’s and Georgia’s main tool to create and preserve affordable housing for households that need it most, including working families, veterans, people with special needs, seniors, teachers, nurses, firefighters and police. Virtually all affordable apartments built each year are financed through the Housing Credit. In Georgia, the Housing Credit has financed the development of over 146,000 homes, supported nearly 165,400 jobs, and generated $15.76 billion in local income and $6.2 billion in tax revenues.

The 2015 awards will add 2,399 affordable units to DCA’s affordable housing inventory, bringing the total inventory of units to about 90,000. Private investors contribute equity into partnerships, in exchange for tax credits, to generate the construction of new housing and the rehabilitation of existing units. The estimated economic impact in the initial year of this year’s tax credit award includes more than $280 million in local income, over $52.8 million in local government revenue, and nearly 3,900 jobs from construction expenditures. The awards also spur nearly 1,060 ongoing local jobs each year.

The new units are located in both rural and urban areas in the state. They are anticipated to be available for tenant occupancy in late 2017.

The Housing Credit was part of the Tax Reform Act of 1986. Over its nearly 30-year life, the Housing Credit has become the most successful affordable rental housing production program in U.S. history, financing the development of nearly 2.8 million rental homes throughout the nation. Each year, the program creates nearly 96,000 jobs and leverages close to $100 billion in private investment.

Georgia developments receiving funding in the 2015 round are listed below.

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About the Georgia Department of Community Affairs:

The Georgia Department of Community Affairs (DCA) partners with communities to create a climate of success for Georgia’s families and businesses through community and economic development, local government assistance, and safe and affordable housing. Using state and federal resources, DCA helps communities spur private job creation, implement planning, develop downtowns, generate affordable housing solutions, and promote volunteerism. DCA also helps qualified low- and moderate-income Georgians buy homes, rent housing, and prevent foreclosure and homelessness. For more information, visit www.dca.ga.gov.

CONTACT: 
Jana Wiggins, Director of Marketing & Communications
Georgia Department of Community Affairs
(o) 404-679-0661; (c) 770-883-7971
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