DCA Awards $25.8 million in Housing Tax Credits
The Georgia Department of Community Affairs (DCA) announced today it will award $25.8 million federal housing tax credits 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.
DCA Commissioner Christopher Nunn is enthusiastic about the results: “The housing tax credit’s impact in Georgia is unequalled. 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 new units are located in both rural and urban areas in the state. They are anticipated to be available for tenant occupancy in late 2021.
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.
Georgia developments receiving funding in the 2019 round are listed below.
2019 Competitive Round Results