The new development adds needed housing, jobs, and income in the San Diego area

Monarch Private Capital, a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a 50-million-dollar affordable housing development called Valencia Pointe in San Diego, California.

Located at 5930 Division Street in San Diego, California, Valencia Pointe will consist of 102 multifamily apartment units with affordable rents in place for households earning 40 to 80 percent of the area median income (AMI). Plans include 58 two-bedroom and 44 three-bedroom units in a single residential building. The development is expected to be available for rent in the second quarter of 2022. To bring the project to fruition, Monarch partnered with CRP Affordable Housing & Community Development, a full-service, vertically integrated real estate firm, and Hunt Capital Partners, a national syndicator of Federal and State Low Income Housing, Historic and Solar Tax Credits.

This new affordable housing development would not be possible without The California Housing Finance Agency and their 2019 preliminary awards to eight mixed-income multifamily housing developments, including Valencia Pointe. The awards come from Senate Bill 2, the Building Homes and Jobs Act, which provides a permanent funding source for affordable housing in California. As the state with the highest percentage of unsheltered homeless in the United States at an astounding 64 percent, this bill addresses a major affordability crisis in the state. The funding goes to existing state programs that provide assistance for emergency housing, multifamily housing, farmworker housing, homeownership for very low and low-income households, and down payment assistance for first-time homebuyers. The eight projects receiving funding for 2019 will create 1,379 homes for low and moderate-income households, 102 of which make up Valencia Pointe.

“Monarch is committed to providing affordable housing in California,” said Brent Barringer, Managing Director of LIHTC at Monarch. “We’re very excited to partner with CRP and Hunt Capital on Valencia Pointe to help satisfy the growing need for quality affordable homes in the San Diego area.”

San Diego, California, is the second-largest city in the state and the eighth largest in the nation, with nearly 1.3 million residents within the city’s limits and over 3 million residents across the county. With 70 miles of breathtaking beaches, the many attractions of the world-famous San Diego Zoo, and various parks boasting unique art and culture installations, San Diego attracts all types of people. As a major tourism spot with a lot to offer, the city is finding a greater need to develop more affordable housing opportunities for its residents.

Not only will the new development address the city’s need for affordable housing, but in the initial year alone, the project is expected to create over 100 direct and indirect jobs and generate nearly $12 million in local income. The economic and social benefits will continue to impact the area in the years to follow.

“At CRP Affordable, we believe all individuals deserve a safe and secure place to live no matter the circumstance,” said Seth Sterneck, Vice President at CRP Affordable Housing & Community Development. “Valencia Pointe will help make this belief a reality, providing 102 families and individuals with new, high-quality affordable homes and an enhanced quality of life.”

For more information on Monarch’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.

About CRP Affordable Housing & Community Development

CRP Affordable is a full-service, vertically integrated real estate firm with significant experience in multifamily acquisition/rehabilitation, ground-up development and property management. CRP Affordable was founded with the principles of providing quality affordable housing and strengthening communities. The founders of CRP Affordable have owned, operated, developed, and managed over 2,500 rent-restricted units and have significant experience providing housing to at-risk, special needs, seniors, and other vulnerable populations. CRP Affordable has successfully partnered with non-profit, government, and community organizations to support individuals and families in need.

About Hunt Capital Partners

Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $2.2 billion in tax credit equity in over 40 proprietary and multi-investor funds. HCP manages almost 800 project partnerships representing over 80,000 homes in 51 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.

By Melanie Beckman

Since its inception, the Missouri Low Income Housing Tax Credit (LIHTC) program has provided quality affordable homes across the state to low income families, seniors, veterans, disabled and special needs individuals. With a new facelift, the program has been reinstated by the Missouri Housing Development Commission (MHDC) after nearly a three-year hiatus. Under the direction of former Governor Eric Greitens, the state LIHTC program was ended in an effort to curtail tax credit programs and the special interest groups that supported them. Greitens’ move to end the program was viewed as a political maneuver rather than one based on factual information. Since Greitens’ resignation in June 2018, newly appointed Governor Parson, the MHDC and other key members of Missouri’s legislative houses have been pushing for the reinstatement of the State LIHTC program, albeit with a few alterations to make the program more effective for Missouri taxpayers.

Background & Former Program

The Missouri LIHTC program started in 1990 under Section 135.350 to 135.363 RSMo. Devised to supplement the federal LIHTC program, which was enacted in 1986, the state program gave MHDC the ability to allocate state credits to match the annual federal allotment. The program began by allocating these state tax credits to projects equal to 20% of the federal total. In 1994, the number of state credits allocated increased up to 40% of the federal credit total, primarily to assist areas that lost housing in the 1993 flood. Beginning in 1997 and through 2018, the state credit was increased up to 100% of the federal credit for all areas.

Developers of a qualifying project to which the federal credit is allocated by MHDC through a selection criteria established by the Qualified Allocation Plan (QAP) receive a federal credit equal to 9% of the qualified basis of the project for ten years. For projects financed with tax-exempt bonds, the federal tax credit is reduced to equal 4% of the qualified basis. Projects seeking 9% credits are awarded on a competitive basis, as compared to projects seeking 4% credits, which are awarded based on the availability of tax-exempt bond financing. The credit is limited to a percentage of the qualified basis, based upon a depreciable basis, and the percentage of affordable units in the development. The minimum number of qualifying units is (1) 40% of the total number of units affordable to persons at 60% of the median income or (2) 20% affordable to persons at 50% of the median income, as stated in a report from the Missouri State Auditor’s Office.

The MHDC is responsible for the allocation of federal and state credits and assuring compliance with the regulations. The compliance process includes periodic physical inspections of the property, annual audits, as well as reviews of management and occupancy procedures during a minimum 15-year compliance period. The Missouri LIHTC is an allocable credit, meaning that transferability of the credit is completed by subscribing to the fund level partnership and receiving a K-1. Section 135.352 RSMo allows the credits to be carried back three years to offset prior tax liability or carried forward for five years to offset future tax liability. In addition, the tax credits may be redeemed against state income tax, corporate franchise tax, financial institution tax or insurance company premium tax.

The New Program

Over the past three years, key Missouri legislators have been brainstorming ideas on how to revise the old state LIHTC program in order to reduce the fiscal burden of the program without jeopardizing much- needed housing. What came out of those discussions are three main changes to the former QAP. 

First, the statewide credit match was reduced from up to 100% of the available and authorized allocated federal LIHTC to an amount up to 70% for 9% deals. Deals utilizing tax-exempt bonds for financing or “4% deals” have a ceiling cap of $3M per year. The amount of state LIHTCs approved for a development cannot exceed the Federal LIHTC amount authorized and is based on the financial feasibility needs analysis of the development by the MHDC.

Second, the MHDC is rolling out a credit redemption pilot program for the 2020 QAP applications, which are due October 30th. As per the QAP revisions from the MHDC, developers can submit their application under the standard redemption method and/or under the accelerated redemption method. Only 20% of the deals awarded credits will be under the accelerated method. What does this mean? Under the accelerated method, the state credit will match the federal credit during the first five years. The remaining allocated credits will be evenly spread across the last five-year credit period. In other words, more credits will be issued during the credit’s most valuable years. The Commission believes this will increase credit pricing, generating additional equity, and facilitating the construction of additional units.

Lastly, in order to establish a more even playing field and provide transparency as to why projects are selected and receive allocations, the MHDC has revised the scoring rubric’s “Credit Efficiency” criterion. Applications will be divided into four categories: (1) Family New Construction; (2) Senior New Construction; (3) Family Rehab; and (4) Senior Rehab. The average eligible LIHTC amount per LIHTC bedroom will be based on data from 2020 submitted applications, and a “safe harbor” will be set in place for each category at 2.5% above and 2.5% below the average for each respective category.

Benefits to Missouri Residents

Over 117,000 low income households in Missouri are without access to affordable rental housing, as reported by the National Low Income Housing Coalition. Of this figure, 80% are working residents whose income is below the poverty guidelines, seniors and the disabled. A program like the Missouri LIHTC program provides more options and security for our residents by decreasing poverty, increasing overall community health, spurring economic investment and job creation, providing access to better education, along with giving Missourians a chance for a better life.

About Monarch Private Capital

Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.

As we approach the final tax return filing deadline for individual and corporate taxpayers, there is increased activity in the market for Georgia film tax credits as well as Georgia low income housing tax credits. This article will briefly overview both programs and help provide clarity for taxpayers who are looking to utilize tax credits to reduce their Georgia state liability.

What is the same?

Both the GA film credit and the GA low income housing credit are generated based on a percentage of qualified expenditure from the respective projects. When the entities that generate these credits cannot also utilize them, they can be transferred tothird party taxpayers at a discounted price to their face value.

Both credits are treated as property and therefore have similar tax treatment. In both cases, a capital gain is recognized on the day a tax return is filed claiming the credits. The amount of the gain is calculated as the face value of the credits less the investor’s basis. Taxpayers can maximize their return on investment by holding credits for one-year prior to filing their Georgia tax returns, consequently recognizing the capital gain at long-term rates instead of short-term rates.

Both of these credits are able to be carried forward from the year they are generated. Film credits carry forward five years, and low income housing credits carry forward for three years.

What is the risk? Recapture risk is similar between both credits. There is an increased level of assurance with the low income housing credits because the risk is diversified. Monarch creates a fund made up of several low income housing projects, and investors receive a portion of credits from each of the projects to make up their total allocation of credits.

What is different?

The main difference between the two credits is how the transfer of the credit is facilitated.

Film credits are referred to as transferrable credits. This means that credits can be transferred directly from a production studio to a taxpayer. The taxpayer receives a Form IT-TRANS as evidence of the transfer, then the IT-TRANS is used by the taxpayer to claim the film credits on their Georgia return. This is typically the preferred method of transfer because of how easy the process is. It is a one-time transaction, and the transfer is completed within five business days of the taxpayer funding their investment.

Low income housing credits are referred to as allocable credits. This means that taxpayers subscribe to a partnership fund created by Monarch and are allocated low income housing credits through a K-1. Taxpayers are deemed to have acquired an intangible asset, a tax credit, and to have made a partnership investment. A small portion of the taxpayer’s investment is allocated to their partnership capital account (1%), and the majority of the investment is allocated to their basis in the credits (99%). Investors will receive an allocation of credits through a K-1 and will then receive blank K-1’s for the next four years. The partnership dissolves after five years, and the investor gets to recognize a small capital loss equal to the amount of their investment allocated to their capital account.

Timing

Low income housing credits are less flexible in terms of the timing of purchase. The credits need to be bought during the tax year in which they will be applied against. So, if you are purchasing low income housing credits to be used on your 2020 tax return, they need to be purchased during 2020. This is because these credits are allocable, and investors need to be subscribed to a fund during the year in which they wish to receive credits. 

Because film credits are transferrable, they are more flexible when it comes to the timing of purchase. You can buy 2019 film credits during 2020 to apply against your 2019 tax liability. Similarly, as long as you are still within the statute of limitations, you can buy film credits from a prior year, amend your prior year return, and receive an increased refund.

Another difference between the two credits is the price.

Low income housing credits are typically priced lower than film credits. The after-tax return for low income housing credits is around 14%, compared to an approximate 10% after-tax return for film credits.

Low income housing credits can also be bought in multiple year increments. When bought in multiple year increments, the return to investors greatly increases. This is because of a further discounted price as well as more favorable tax treatment.

For more information, please contact Ryan Degnan by emailing rdegnan@monarchprivate.com.

Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, including ESG investment opportunities that provide a quantifiable impact, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a 48-million-dollar senior living development called Preserve at Peachtree Shoals in Dacula, Georgia.

Preserve at Peachtree Shoals is located at 2995 Old Peachtree Road in Dacula, Georgia. This new development will consist of 240 apartment units for seniors 55 and older and will have an affordable rent structure for households earning 30 to 80 percent of the area median income (AMI). The development comprised of one, two and three-bedroom units, is expected to be available to rent in the first quarter of 2022. To complete the project, MPC partnered with Dominium, the nation’s fourth-largest provider of affordable housing, and Searles Foundation, a non-profit organization that provides gracious living services to elderly and disabled residents.

“Preserve at Peachtree Shoals will be an excellent and much-needed addition to the Dacula area. It will provide seniors with beautiful housing that is affordable,” said Mark Sween, Vice President & Project Partner of Dominium. “We are excited to begin construction and to work again with our state housing tax credit partner, Monarch Private Capital.”

Dacula, Georgia is part of Gwinnett County, which has been a titan of social and economic progress for decades. Dacula has its own unique factors, however, that make it a great candidate for revitalization. Dacula is at the center of Georgia’s Innovation Crescent. Covering nearly 40 percent of Georgia’s population, the Innovation Crescent is the state’s hub for life sciences but is quickly becoming that of the entire Southeast. The crescent includes top research organizations such as Emory University, Georgia Institute of Technology, the University of Georgia, the CDC, Georgia Gwinnett College and Gwinnett Tech. In addition, the hub hosts a wide range of scientific companies, large and small, bringing in a variety of people and revenue to the community.

“This new affordable senior living development will help strengthen the Dacula area by providing residents with quality homes, enriching programs and services, and greater access to the unique variety of resources located throughout the city,” said David Searles Jr., CFO of the Searles Foundation. “We recognize the importance of the happiness and well-being of our senior residents and stay committed to fostering a friendly and valuable community for all.”

The development of Preserve at Peachtree Shoals will not only address the need for affordable, senior living opportunities in the area, but it will also have a major positive impact on the local economy. In just the initial year, the project is expected to create over 300 direct and indirect jobs and generate over $20 million in local tax revenue. The project will continue to benefit the area in the years to follow, paving the way for a lively and prosperous community for all.  

“By building clean, well-constructed apartment units in an area that lacks adequate senior living facilities, we will help accelerate the growth of the community while also filling a significant housing void,” said Steve LeClere, Director of LIHTC Development at MPC. “We appreciate our collaboration with Dominium, who’s leadership and expertise will help make this project a reality.”

For more information on MPC’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.

About Dominium

Dominium is an affordable housing development and management company headquartered in Plymouth, Minnesota.

The firm has developed more than 30,000 apartments in 22 states and is the nation’s 4th largest provider of affordable housing.  Dominium has 45+ years in the business and owns over $3 billion in properties.  Dominium employs a professional staff of more than 1,000 employees.

About Beverly J. Searles Foundation

Founded in 2007 by Richard and David Searles, The Beverly J. Searles Foundation is a not for profit organization that provides gracious living services to elderly and disabled residents of affordable housing and other residential communities. Their goal is to enhance the quality of life for their residents by encouraging independence and choices, while celebrating individuality, preserving dignity, privacy and nurturing the spirit.

The Searles Foundation is also a developer and owner of multi-family housing in the affordable and market-rate area, providing quality housing, excellent resident services with high standards, extraordinary experiences and a holistic approach to health and wellness. The foundation has planned, developed and/or operated about 2,000 new housing units, including 11 assisted living communities with 821 assisted living and memory care units. In early 2020, The Searles Foundation and its partners have $148 million under construction, representing 686 age-restricted apartments at five Georgia locations all using Housing Tax Credits.

Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, including ESG investment opportunities that provide a quantifiable impact, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a 13-million-dollar multi-family development called Abbington on Cheshire Bridge in Atlanta, Georgia.

MPC partnered with Rea Ventures Group (RVG), the developer for the property, which is located at 2070 Cheshire Bridge. RVG specializes in the development and long-term ownership of affordable and market-rate communities in the Southeast. Their communities are environmentally responsible, designed, and built with energy and water-efficient materials and systems, which are all part of their green building initiative.

Expected to be complete by the fourth quarter of 2021, plans include a 48-unit mixed-income rental community that will include 40 LIHTC units reserved for households earning at or below 50 percent and 60 percent of the Area Median Income (AMI) and eight unrestricted market-rate units. The development offers one, two, and three-bedroom units for a variety of household types ranging from singles to families. Community amenities include a community room, enlarged fitness center with instructional space, laundry facility, computer center, covered porch, fenced community garden with a 400 square foot planting area, and a health screening facility.

Abbington on Cheshire Bridge is in a prime location, positioned just four miles northeast of Downtown Atlanta and convenient to the Interstate 85/GA 400 interchange. Since the 2000s, the community has undergone various gentrification methods and hosts urban redevelopment projects. The area is vibrant and full of activity with commercial, residential and light industrial developments located throughout. Public transportation options are also easily accessible within one or two miles of the property.

“We’re excited about The Abbington on Cheshire Bridge and the promising potential it has to add to the ongoing revitalization of the area,” said Brent Barringer, Managing Director of LIHTC for MPC. “We look forward to working with Rea Ventures Group on this project and commend their excellent leadership and hard work on creating quality homes that create enduring communities that last for generations.”

In addition to this significant capital investment in Atlanta, Abbington on Cheshire Bridge will have a substantial employment impact on the community. The project should generate about 60 direct construction jobs and will act as a catalyst for the economic development of the area.

“Our company’s goal is not only to supply great housing solutions, but we also want our developments to provide lasting value for generations,” said Bill Rea, founding member and managing partner of Rea Ventures Group. “We believe that The Abbington on Cheshire Bridge will serve as a great foundation for the continued growth of the community.”

“We understand that quality, affordable housing acts as the cornerstone to a successful local economy in any community,” said Eric Buffenbarger, CFO, Vice President, and Treasurer of Bill Rea’s development and ownership companies. “The Abbington on Cheshire Bridge will help propel the area forward in a variety of ways, including job creation, new tax revenues, and an increased purchasing power due to lowered housing costs.”

For more information on MPC’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch has long term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Investors look to Monarch to create, operate, and manage a variety of different funds, including investment opportunities that address ESG initiatives that provide a quantifiable impact. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.

As the largest source of new affordable housing in the United States, the low-income housing tax credit (LIHTC) program is one of the federal government’s primary policy tools for encouraging the development of affordable rental housing. According to the National Multifamily Housing Council, the LIHTC program has supported 3.4 million jobs while generating $323 billion in local income and $127 billion in Federal, state and local tax revenues. Tranquility at Griffin, an affordable housing tax equity investment of Monarch Private Capital, is a great example of the LIHTC program hard at work.

Located in Griffin Georgia, Tranquility at Griffin provides new resources and opportunities for the community. This new $20 million development is a 120-unit family apartment complex with rents structured to be affordable for households earning at or below 60% of the average median income (AMI). Consisting of 5 three-story tenant buildings with floorplans ranging from 1-3 bedrooms, Tranquility at Griffin has many features, services and amenities perfect for families, including a pool, dog park, playground, tot-lot, covered picnic pavilion, exercise room, on-site laundry and a community building. By providing quality housing as well as family-friendly amenities, this new development sparks the growth and revitalization of the area.

Tranquility at Griffin will help relieve some of the financial stress so prevalent in the area by filling a 15+ year void of new affordable housing in Griffin. Access to affordable housing is not only imperative to a good quality of life, but also to healthy development. According to the National Center for Children in Poverty (NCCP), 15 million children – 21 percent of all children in the United States – live in families with incomes below the federal poverty level. Poor housing conditions can have a serious negative impact on a child’s performance in school and it can also lead to poor health conditions. These health issues include worsening asthma and allergies, which can be linked to things like pests, molds and chronic dampness. Lead exposure and an increased risk of accidents or injuries from exposed wiring and other needed repairs are also major detrimental factors to healthy development.

Tranquility at Griffin provides safe, clean and quality housing to the Griffin community. Children that were facing these challenges brought on by their living situations now have brighter futures ahead of them. The playground is a safe and fun environment where they can socialize and play. Their homes can now be a source of comfort and security, which is imperative to healthy development. Best of all, their community can be a place of opportunity. This new development helps stimulate the local economy by increasing local purchasing power and bringing in new jobs and tax revenues.

Affordable housing allows families to put more toward other important household needs and savings for the future. When households can pay less on rent, more can be spent on essentials like food and clothing or even things like extra-curriculars and educational programs for children that many may not even realize is a privilege. Tranquility at Griffin is just a small drop in the bucket when addressing the United States housing crisis, but it will change the lives of those in the Griffin community for the better. At Tranquility at Griffin, families can spend more time together and less time worrying about bills.

About the Developers

Hill Tide Partners was founded as a real estate investment company that provides growth capital and investment services to its partners. The firm leverages the partners’ combined experience of more than 35 years in the Real Estate and Low-Income Housing Tax Credit (LIHTC) industry to develop synergies across its partner operating companies. The founders believe that everyone deserves affordable housing and strive to have a positive impact on communities through housing development. With $577 million in total development costs, Hill Tide and its partners have developed 45 properties in seven states consisting of over 4,500 units.

Formed in 2017 by Todd Wind and Brian Waterfield, Timshel Development Group (“Timshel”) serves families and seniors in Florida and Georgia who live on moderate or fixed incomes. Todd and Brian are able to leverage their extensive knowledge of LIHTC, Tax-Exempt Bonds, and other grants and subsidies from federal, state, and local municipalities to secure financing for projects and to provide safe, secure, and affordable housing to the tenants they serve. Todd and Brian have a combined 20 years of affordable housing experience.

Gateway Development Corporation is part of The Gateway Companies and was formed for the purpose of developing and constructing multi-family apartment properties throughout the Southeastern United States. For over 30 years, Gateway has developed, owned and operated affordable, workforce, conventional and senior multifamily housing communities throughout the Southeast United States. Since formation, The Gateway Companies have developed more than 100 properties with over 7,000 housing units, across six states.

CRN Development, LLC is engaged in the business of investing in, owning, selling, developing, maintaining, managing, and operating real estate properties and developments. The company seeks opportunities to develop affordable and conventional multifamily projects to produce income and tax benefits. The company locates the property to be developed, coordinates with city and state officials and is responsible for submitting applications for financing for the projects, as well as finding partners and syndicators for the projects.

The South Carolina Legislature has passed House Bill 3998, the Workforce and Senior Affordable Housing Act, creating a state tax credit for qualified affordable housing developments.

The South Carolina State Housing Finance and Development Authority sees this as a significant step toward addressing the affordable housing crisis in South Carolina and providing safe, decent and affordable housing for all South Carolinians. Housing will begin allocating this tax credit in the 2020 application cycle.

Our mission is to create quality affordable housing opportunities for citizens of South Carolina.  

The Housing Tax Credit Program (LIHTC) is designed to provide for-profit and nonprofit developers with an incentive to create and maintain affordable housing. This is the country’s most extensive affordable housing program.

Our mission is to create quality affordable housing opportunities for citizens of South Carolina.  

The Housing Tax Credit Program (LIHTC) is designed to provide for-profit and nonprofit developers with an incentive to create and maintain affordable housing. This is the country’s most extensive affordable housing program.

Owners of and investors in qualifying developments can use the credit as a dollar-for-dollar reduction of federal income tax liability. Allocations of credits are used to leverage public, private and other funds in order to keep rents to tenants affordable.

SC Housing

Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, including ESG investment opportunities that provide a quantifiable impact, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a 3.8-million-dollar multi-family development called Americus Gardens located in Americus, Georgia.

Americus Gardens is conveniently located off US-19 at 730 S Martin Luther King Boulevard in the commercial part of town in Sumpter county. Residents will have quick and easy access to essentials like restaurants, grocery stores, and automotive care. The development contains 44 low-income housing units with one one-story apartment building, five two-story apartment buildings, and a one-story accessory building with brick exteriors. MPC partnered with Gateway Development Corporation to complete the project, which will be placed in service this year.

Along with this major capital investment in Americus, the LIHTC project is estimated to drive approximately 50 direct construction jobs. Not only does this boost the community’s local income and local tax revenues, but it helps advance an area that may have otherwise been neglected.

“Americus Gardens will have a very positive effect on the community,” said Brent Barringer, Managing Director of LIHTC for MPC. “Providing quality homes in a central location will give residents access to better jobs and help them cut down on the costs of transportation. We appreciate the leadership of Gateway Development Corporation to bring this project to fruition and couldn’t be more pleased with the outcome of our investment.”

“Our mission at Gateway is to provide a gateway to affordable housing for working Americans,” said Jason Freeman, President at Gateway Development Corporation. “Having a safe, clean and quality environment is imperative to healthy development, and we are committed to providing these crucial homes to communities like Americus, Georgia.”

For more information on MPC’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch has long term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Investors look to Monarch to create, operate, and manage a variety of different funds, including investment opportunities that address ESG initiatives that provide a quantifiable impact. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.

As COVID-19 continues to affect our every-day life, this “new normal” for many of us means being at home with our children 24/7. As many search for new ways to entertain safely or keep productive, Walton Communities, an affordable housing tax equity investment of Monarch Private Capital, launched their Family Staycation program to offer families fun activities they can do together at home.

The best part? The activities don’t revolve around a television or computer screen!

Walton Communities partnered with Mission 1:27, who designed these activities to bring joy and encouragement to Walton residents and families. Parents can visit the Walton Communities’ Single Parents Facebook page to access their Family Staycation activity sheet. Each sheet has a new, exciting theme like “Walton’s got Talent” or “Fairy Tale Day,” and they’re all filled with creative ideas.

Every sheet includes:   

With their Family Staycation program, Walton Communities is giving families the opportunity to switch the TV off for a moment, put the video games down, and spend some valuable time together. Family activities like these can help provide a sense of stability and hope during uncertain times, not only for children but parents too. Tell a new joke, make a new craft or dig a little deeper with an inspirational story. Use these activities to bring some lighthearted enjoyment back into your home.

To access Walton Communities’ Family Staycation activity sheets, please visit the Walton Communities Single Parents Facebook Page. For a chance to be featured on the Mission 1:27 Instagram page, tag your photos with #WaltonStaysHome.

ABOUT WALTON COMMUNITIES

Walton Communities is a privately held company based in Marietta, Georgia, that develops, owns and manages apartment communities throughout metro-Atlanta, Augusta, and Gainesville. In 1989, Lynda Ausburn and Barry Teague transformed their vision into a reality with the first Walton community. The pair had a passion to provide more than just a place for residents to live. They had a passion to serve the community by providing homes and neighborhoods where people would truly thrive. Since that time, Walton Communities has grown to 29 communities in the Atlanta, Augusta and Gainesville areas and remains locally owned and managed by the team of Barry Teague, Lynda Ausburn, David Knight, Keith Davidson and Tom Wilkes.

At Walton Communities, their goal is to provide a superior living experience. The company is committed to supporting the needs of residents through exceptionally maintained communities and unique service programs, including educational, cultural and recreational programs.

For more information on Walton Communities, please visit their website.

ABOUT MISSION 1:27

Mission 1:27 is about transforming lives.  Some of their activities include operating after school enrichment and summer camp programs, youth development programs, single parent programs, and programming for senior adults in Walton Communities affordable housing neighborhoods

For more information on Mission 1:27, please visit their website.

Contact us for more information about ESG Investing, state and federal tax credits.