Construction started this summer on Heritage at McDonough, a 105-unit community for low-income seniors in McDonough, Ga., a growing suburb of Atlanta that is expected to nearly double its seniors population in the next 15 years. The NuRock Cos. won a reservation of 9 percent low-income housing tax credits that sold to Boston Capital Corp.
Landmark Asset Services expected to close by September the sale of $3.2 million in low-income housing tax credits for the Martinsville Lofts, an affordable housing project for families in rural Virginia. Martinsville Lofts received a reservation of tax credits from the Virginia Housing Development Authority in 2009.
National Church Residences, a national nonprofit, expects to finish the rehab of 300 aging, very low-income seniors apartments at Baptist Towers in Atlanta this month. The $5 million renovation began in January and will bring the high-rise up to the tough standards of the Leadership in Energy and Environmental Design program.
Pinnacle Housing Group was expecting to close the complicated financing for Oak Ridge Estates by the end of September. It's a $14.5 million, mixed-finance joint venture with the housing authority of Tarpon Springs, Fla., that will demolish 14 existing public housing apartments and replace them with 62 apartments, including 21 public housing units. The deal will use 9 percent tax credits.
Antiquity Heights, a proposed 94-unit development for low-income families in the affluent college town of Cornelius, N.C., won a $12.2 million reservation of 9 percent low-income housing tax credits this year. Developer Solstice Partners is well on its way to finding investors for the tax credits, according to state officials.