![bevy apartments bevy apartments](https://resource.rentcafe.com/image/upload/f_auto/f_auto,q_auto,c_limit,h_1420,w_1420/s3/2/94336/p0544533_4_gallery004_1_photogallery.jpg)
City officials and Decatur’s regional housing authority are collaborating on initial design work before opening the project to prospective private partners in May. The same type of funding also will help develop another 100 new homes for low-income tenants in the city of Decatur, Georgia. A partnership between affordable housing developers and a local nonprofit will be responsible for the development of an affordable housing project with an estimated cost of $140 million.
![bevy apartments bevy apartments](https://thumbs.cityrealty.com/fit-in/x800/8/b3/2427704/The-Bevy-14-11-31st-Avenue-3300f02cbf55ea49c1fa09437d30497d-55380a91a6f94c107d1934ed78d944cc.jpg)
Local officials have already allocated $4.8 million to purchase a piece of property for the project. Another project in Georgia’s Cobb County is awaiting approval of tax credits. Construction will begin in late 2022 with an opening in early 2023. The Peake Point project includes the development of 60 units of affordable housing for seniors. In November, a $12 million project in Macon-Bibb County, Georgia, was granted LIHTC funding.
![bevy apartments bevy apartments](https://cdn.apartmenttherapy.info/image/fetch/f_auto,q_auto:eco/https://storage.googleapis.com/gen-atmedia/2/2015/08/839ea21cd31f720a1af1b1b79bd3e46c0caed8e9.jpeg)
Construction is slated to begin in 2022 with a completion date planned for summer 2023. The tax credit enrichments that were allotted to the Ohio Housing Financing Agency made it possible for the launch of this project. The affordable housing project in the city’s Chinatown district is in the early design stage, and construction is set to begin in 2023.Īs a result of LIHTC funding, a $13 million project in Ohio will provide single and multi-bedroom units of affordable housing for survivors of human trafficking. Approval of the tax credits, with oversight from the Hawaii Housing Finance & Development Corporation will result in the $30 million development. In the city of Honolulu, LIHTC funding will be consolidated with private investment to launch a new senior housing project. Construction will begin later in 2022 to meet an intended opening in spring 2023.
![bevy apartments bevy apartments](https://thumbs.cityrealty.com/fit-in/x800/6/a7/2431606/The-Bevy-14-11-31st-Avenue-8809b6322dc4ddf4d64bc54dd34b0ec9-c6045d3febba4062b88e656ef29ad97e.jpg)
This effort is still in the design stage, but the project will make the housing available for households with incomes below 60 percent of the surrounding area’s median income. In Maine, LIHTC funding will be used to leverage over a third of the $22.4 million budget commitment to develop 46 new affordable housing units. These types of public-private partnerships represent a trend worth watching. Housing agencies are benefitting from an abundance of available funding because of high interest from investors attracted to developments eligible for tax credits. It offers extremely attractive incentives for private-sector investors, and it is positively impacting the launch of new projects throughout the country.įunding from the LIHTC program is already being used to subsidize 2 million new or rehabilitated rental units for families making less than the adjusted median income. One funding source that has created revenue specifically for affordable housing is the Low-Income Housing Tax Credits (LIHTC) program. City officials, for years, have struggled to find ways to provide more affordable housing options for residents, and now funding for these efforts is more available than ever.