30 communities to receive $23.2 million in Housing Tax Credits
Housing tax credits are the primary driver to develop workforce and senior housing across Georgia
“Last week, Georgia was named the top state for business for the fifth year in a row,” said DCA Commissioner Christopher Nunn. “More jobs means a need for more workforce housing. DCA is proud to help local communities develop affordable housing solutions that fit the character and needs of their communities.”
The Housing Credit is Georgia’s main tool to create affordable housing for households that need it most – working families, veterans, people with special needs, seniors, teachers, nurses, firefighters and police. Nearly all affordable apartments built each year are financed through the Housing Credit. In Georgia, the Housing Credit has financed the development of over 150,000 homes, supported over 170,000 jobs, and generated over $16.4 billion in local income and $6.4 billion in tax revenues. The 2017 awards will add 1,783 affordable units to DCA’s affordable housing inventory, bringing the total inventory of units to about 94,000.
The estimated economic impact in the initial year of this year’s tax credit award includes more than $221.1 million in local income, over $58.8 million in local government revenue, and nearly 3,031 jobs from construction expenditures. The awards also spur nearly 874 ongoing local jobs each year. The Housing Credit, part of the Tax Reform Act of 1986, has become the most successful affordable rental housing production program in U.S. history, financing the development of nearly 3 million rental homes throughout the nation and providing 7 million low-income families, seniors, veterans, and people with disabilities homes they can afford.
The Georgia Department of Community Affairs (DCA) partners with communities to create a climate of success for Georgia’s families and businesses through community and economic development, local government assistance, and safe and affordable housing. Using state and federal resources, DCA helps communities spur private job creation, implement planning, develop downtowns, generate affordable housing solutions, and promote volunteerism. DCA also helps qualified low- and moderate-income Georgians buy homes, rent housing, and prevent foreclosure and homelessness. For more information, visit www.dca.ga.gov.
Philip Gilman, Director, Office of Housing Finance
Georgia Department of Community Affairs