JEDA Finances Affordable Housing Acquisitions throughout South Carolina

The Foundation for Affordable Housing is using $58 million in bond financing through the South Carolina Jobs-Economic Development Authority (JEDA) to acquire the following seven (7) housing developments in South Carolina in order to provide more affordable housing in the state.

Boundary at Silver Bluff Apartment HomesAiken, SC
Aiken County
$3.3 Million126 Units
Oasis at West AshleyCharleston, SC
Charleston County
$3.7 Million116 Units
Sterling Pelham Apartments
Greenville, SC
Greenville County
$6.6 Million422 Units
Sterling Westchester ApartmentsGreenville, SC
Greenville County
$2.85 Million116 Units
Cherry Grove ApartmentsRock Hill,SC
York County
$14.37 Million104 Units
Riverstone ApartmentsRock Hill,SC
York County
$23.03 Million106 Units
Village Station Apartment HomesRock Hill,SC
York County
$4.2 Million160 Units

The Foundation for Affordable Housing is an Omaha, Nebraska, based nonprofit which owns properties in Ohio, North Carolina, Iowa, Nebraska, Florida and South Carolina. In addition to other financing structures, the borrower will be using the proceeds of these tax-exempt bond issues to help finance a portion of the renovations and improvements at the developments.

“We’re pleased to once more leverage the favorable terms available through JEDA financing to continue to build our portfolio of safe, decent housing for working people across the Palmetto State”
— Mark Hiatt, President of the Foundation for Affordable Housing

“Bond financing can be a complex process and we’re gratified to be able to once more assist the Foundation for Affordable Housing as it completes these transactions,” said Ray Jones, Bond Counsel at Parker Poe Adams & Bernstein LLP in Columbia.

“The need for affordable housing is growing in South Carolina, and JEDA continues to provide innovative financing solutions necessary to complete these high-impact projects,” said Harry A. Huntley, CPA, Executive Director of JEDA in Columbia.