ATLANTA – December 01, 2015 – (RealEstateRama) — The Georgia Department of Community Affairs (DCA) announced today it will award $25.8 million federal housing tax credits to construct or rehabilitate 33 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 75 applications in the annual competition.
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. In Georgia, the Housing Credit has financed the development of over 146,000 homes, supported nearly 165,400 jobs, and generated $15.76 billion in local income and $6.2 billion in tax revenues.
The Housing Credit was part of the Tax Reform Act of 1986. Over its nearly 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 2.8 million rental homes throughout the nation. Each year, the program creates nearly 96,000 jobs and leverages close to $100 billion in private investment.