The Georgia Department of Community Affairs (DCA) recently announced that it will award $27,980,800 in 9% Housing Tax Credits to construct or preserve 28 affordable rental housing developments, including one in Richmond Hill.
Once complete, the properties will provide below-market rents to families, seniors, and persons requiring supportive housing.
According to a press release, the 28 awardees were among 61 applications distributed across Georgia. The awards include nine new construction rural developments, seven new construction Atlanta Metropolitan developments, eight new construction other metropolitan developments, and four developments preserving existing housing. The selected developments will target varied household tenancies – Family, Housing for Older Persons (HFOP), and Elderly – and include supportive housing for persons with disabilities and housing integrated with supportive services for survivors of domestic sex trafficking.
Carrington Town Center in Richmond Hill, classified as Housing for Older Persons, will receive $914,000.
The nearly $28 million in Housing Tax Credit awards will generate approximately $360 million in private equity contributions. The equity, in turn, will fund the construction or rehabilitation of 1,688 units affordable to low- and moderate-income Georgians earning up to 80% of the Area Median Income (AMI). In addition to the tax-credit-funded units, 89 market-rate units will be constructed or rehabilitated to produce mixed-income developments.
“Collectively, these developments will provide housing that is safe and affordable for thousands of Georgians,” said DCA Commissioner Christopher Nunn. “The public-private partnerships made possible through this program are instrumental in the effort to address housing affordability for Georgia families, our workforce, and our seniors.”
The Housing Tax Credit program is the Nation’s and Georgia’s primary financing tool for newly constructed or rehabilitated affordable housing. The program represents a truly public-private partnership between the IRS, Georgia, developers, lenders, and equity providers. Georgia awards 9% Housing Tax Credits on an annual competitive basis; the applications applied under the 2022 Qualified Allocation Plan (QAP).