The Novogradac Journal of Tax Credits announced its 2017 Developments of Distinction Awards on September 5. 2017, to recognize innovation and excellence in tax credit developments.
The Woda Group, Inc.’s Stanton Oaks was named the top winner for the PRESERVATION OF EXISTING AFFORDABLE RENTAL HOUSING award.
Stanton Oaks is a 43-unit apartment complex formally known as Boynton Village in Peoplestown within Atlanta Beltline. Woda partnered with Parallel Housing Inc., a nonprofit sustainable affordable housing developer from Athens, Georgia, and worked with the Peoplestown Revitalization Corporation to redevelop the property.
Funding was supported through $5.8 million in federal and state Low-Income Housing Tax Credits (LIHTC) from the Georgia Department of Community Affairs (DCA), plus $800,000 from the BeltLine Affordable Housing Trust Fund (BAHTF), $300,000 In owner equity, and $1.3 million in mortgage financing.