Clearwater, FL (PRWEB) April 20, 2011 — Churchill Stateside Group is pleased to announce it has closed a $10.68MM equity investment in Dogwood Place Subdivision, a 60 unit, single-family home tax credit project located in Iowa, Calcasieu Parish, Louisiana, which is located just outside the city of Lake Charles.
In addition to the equity generated by the sale of the Gulf Coast Opportunity Zone (“GO Zone”) tax credits, the project will be financed with Community Development Block Grant funds and conventional debt. Upon completion, Dogwood Place Subdivision will offer 12 two-bedroom, 35 three-bedroom and 13 four-bedroom single family units set aside for a range of family households with incomes not to exceed 60% of the area median income. Construction is underway with a completion date set for December 2011.
“We are pleased with the opportunity to invest in a community with such a high demand for quality affordable housing and to support the efforts of the development team, the Louisiana Housing Finance Agency and other federal agencies to stimulate the recovery of the Gulf Coast Opportunity Zone.” said Keith Gloeckl, CEO of Churchill Stateside Group.