Gainesville, Winder, and Clarkesville are among the recipients of housing tax credits from the Georgia Department of Community Affairs.
A total of $25.8 million in federal housing tax credits is being awarded to construct or rehabilitate 32 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 67 applications in the annual competition.
The list of grantees includes Walton Harbor, an 81-unit complex in Gainesville, and the 72-unit Sutton Terrace in Clarkesville. Winder's 68-unit Wimberly Manor is also included.
“The housing tax credit’s impact in Georgia is unequaled," says DCA Commissioner Christopher Nunn. "These developments allow those who work in and serve their communities to also live in those communities. The construction quality and economic impact of these properties rivals or exceeds that of the private sector, making affordable housing a crucial part of Georgia’s communities.”
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.
The 2019 awards will add 2,155 affordable units to DCA’s affordable housing inventory, bringing the total inventory of units to about 100,000. 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 Housing Credit was part of the Tax Reform Act of 1986. Over its 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 3 million rental homes throughout the nation and providing 7 million low-income families, seniors, veterans, and people with disabilities homes they can afford.