Reinvestment Fund is financing the construction of a 88-unit mixed income, affordable residential development in Lowndes County near Valdosta, GA.
The development is led by Integrity Development Partners (IDP), which is based in Valdosta. IDP is partnering with Missouri-based Four Corners Development on this project. IDP principals have completed over 50 Low Income Housing Tax Credit (LIHTC) projects containing over 5,000 units at a development cost of over $450MM in locations across Georgia and the greater Southeast.
Freedom Heights will develop 7 acres of land just north of Valdosta city limits. The development will contain 93,560 square feet comprised of four 3-story buildings containing 88 units. Eighteen units will rented to households at 50% AMI, 39 units to households at 60% AMI, and 31 units to households at 80% AMI. The units will be completed to EarthCraft and Energy Star environmental and energy rating standards.
Located along the Florida border, Lowndes County is a major commercial, educational, and manufacturing center of South Georgia and is the home of several large institutions, including Moody Air Force Base, Valdosta State College, and the South Georgia Medical Center. The proposed development will be the first apartment development located between Moody Air Force Base and the city limits of Valdosta.
Reinvestment Fund is providing two loans to the projects. The first is a revolving, 9% LIHTC equity bridge loan. The second is construction to perm loan, which will include capital from the CDFI Fund’s Capital Magnet Program.
In addition to our loan, the project will be supported by a total of over $12.92 million in federal LIHTC equity from SunTrust Bank and Georgia state LIHTC equity from Sugar Creek Capital, a national leader in state tax credit investments.