August 16, 2010
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Georgia Department of Community Affairs

 

Atlanta, GA - Georgia Department of Community Affairs and Commissioner Mike Beatty announce the first of the stimulus projects to come on line. Last week, Antigua Place Phase II located in Moultrie became the first stimulus project to receive the certificates of occupancy for the 40 unit project reserved for the elderly. By receiving the certificates of occupancy, the project may be occupied for everyday use. Antigua Place Phase II consists of 20 one and 20 two bedroom apartments. The project received $2 million under the Tax Credit Exchange Program which was enacted under the American Recover Reinvestment Act of 2009.

“We are so proud for the 40 senior citizens that will have safe and affordable housing as a result of Antigua Place,” said Beatty. “Through the administration of this funding we were able to keep this project moving and to not only bring much in needed housing for the elderly, but to also produce jobs for the community.”
The purpose of the program is to temporarily fill the gap left by a diminished demand for low income housing tax credits. The program allows construction or acquisition and rehabilitation of low income housing project to continue where developers were unable to proceed due to insufficient financing. As of today, DCA has received approximately $76 million in Exchange funds.