GA DOR has issued a bulletin regarding the assessment of lihtc properties per HB954, re-stating that in determining fair market value, assessors should use all three approaches but emphasis should be placed on the approach that would reflect the price in the market place and clarifies that rent restrictions must be taken into consideration and that tax credits cannot be considered.
The project entailed the total rehabilitation of a 70,000 sq. ft. former apartment building originally developed in 1928. The project now contains 68 apartment units with prospective tenants being veterans in search of housing for themselves and their families. The project developer is the Vecino Group which did a tremendous job of taking an obsolete building and turning it into a wonderful location for these veteran families. Sugar Creek is proud to be an investor in the project owning partnership. This is one of 125 investments which Sugar Creek Capital has made in affordable housing projects in Missouri.
The Etzel Place V project is a $7.5 million program of 42 rehabbed apartments, a community center and development of 20 new energy-efficient units. The project is being developed by Affordable City Homes, a joint venture of CF Vatterott and SLACO.
Sugar Creek Capital is assisting the project through use of state low-income housing tax credits.
A phased development that began in 1989, the Etzel Place Apartments community includes 195 apartments in several buildings.
“This development should reinvigorate and preserve the viability of the community for many years and we are pleased to be a part of it,” says Chris Hite, President of Sugar Creek Capital.
17 W. Lockwood Avenue St. Louis, MO 63119 p: 314-968-2205
1819 Peachtree Road, NE Suite 230 Atlanta, GA 30309 p: 404-343-1062
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