Project:

Woodlands of Albany

Completed:

Under Construction; to be completed late 2020

Project Type:

New Construction

Location: 

Albany, GA

Woodlands of Albany is a new construction affordable housing development to contain 80 apartment units of which 56 are affordable with the remaining 24 units being market rate.  Of the 56 affordable units, 16 are set-aside to tenants with income at or below 50% of Area Median Income with 40 units set-aside to tenants with income at or below 60% of Area Median Income.

Churchill Financing:

FHA 221d4 Construction Advance Loan – $1,919,500

Equity Bridge Loan – $7,000,000

 

In addition to the Churchill financing above, the sale of Federal and State 9% LIHTC was also used to fund acquisition of the site and construction costs.