State awards funding for Colquitt affordable housing development
Jan. 15—COLQUITT — The Georgia Department of Community Affairs announced last month that $27,980,800 in 9% Housing Tax Credits will be awarded for the construction and preservation of affordable rental housing developments within the state.
Included among the nine new construction rural developments selected for funding is Spring Ridge, a planned 44-unit family development that will be constructed at East Bush Street and South First Street in Colquitt.
The $10.5 million Spring Ridge housing development will bring a significant economic impact to the local economy in Colquitt and Miller County, officials in those communities said. Working closely with the city of Colquitt, the Colquitt Downtown Development Authority, and the Colquitt Georgia Initiative for Community Housing team; the Spring Ridge development team submitted its application in May and received notification last month that the application had not only been selected for funding, but also achieved the distinction of being the highest scoring application overall among the 61 total applications submitted in this year's annual competition.
"With a limited housing inventory and a growing work force, Spring Ridge will provide much-needed apartment homes for the Colquitt-Miller County community," Downtown Development Authority Director Jayme Smith said in a news release. "The site is situated in a densely residential area that is poised for new development. The local GICH team strongly supports this project and is thrilled to have been awarded through this state program."
The Spring Ridge development team includes Lowcountry Housing Communities LLC, Fairway Construction, Fairway Management and Affordable Equity Partners.
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.
A total of 61 applications were submitted in the annual Housing Tax Credit funding round competition in May of last year. Last month, the Georgia Department of Community Affairs announced 28 awardees had been selected among the 61 applications submitted. The awards are equitably 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 and elderly.
To learn more about Lowcountry Housing Communities LLC, visit https://www.lchousing.com. Groundbreaking and construction are expected to begin in spring/summer of this year. The Spring Ridge apartment development construction is anticipated to be completed in 2024.
