The Foundation for Affordable Housing is using $180 million in bond financing through the South Carolina Jobs-Economic Development Authority (JEDA) to acquire the following seven (7) housing developments in South Carolina in order to provide more affordable housing in the state.
|Atrium Place Apartments||Columbia, SC
|$22.9 Million||216 Units|
|Culpepper Landing Apartments||Duncan, SC Spartanburg County||$23.2 Million||192 Units|
|Villas at Lawson Creek||Boiling Springs, SC Spartanburg County||$27.2 Million||202 Units|
|The Park at Sorrento||Greenville, SC
|$32.5 Million||246 Units|
|The Park at Toscana||Greenville, SC
|$21.9 Million||172 Units|
|$21.8 Million||220 Units|
|Wellington Farms Apartment Homes||Columbia, SC
|$30.9 Million||236 Units|
The Foundation for Affordable Housing is an Omaha, Nebraska, based nonprofit which owns properties in Ohio, North Carolina, Iowa, Nebraska, Florida and South Carolina. The Foundation is using these tax-exempt bond issues to also provide funds for renovations and improvements at these developments located in Greenville, Richland and Spartanburg counties.
“Working with the Foundation for Affordable Housing on this financing has been particularly gratifying, because we know the positive impact this project will have in these communities,” said Ray Jones, Bond Counsel at Parker Poe Adams & Bernstein LLP in Columbia.
“We’re delighted to help the Foundation for Affordable Housing through the complexities of using bonds to finance their acquisitions here in the Palmetto State,” said Emily Luther, Bond Counsel at Parker Poe Adams & Bernstein LLP in Columbia.
“The need for affordable housing in South Carolina continues to grow, and tax-advantaged bond issues are an ideal vehicle for financing these kinds of projects,” said Harry A. Huntley, CPA, Executive Director of JEDA in Columbia.