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 Homes||Aiken, SC|
|$3.3 Million||126 Units|
|Oasis at West Ashley||Charleston, SC|
|$3.7 Million||116 Units|
|Sterling Pelham Apartments||Greenville, SC|
|$6.6 Million||422 Units|
|Sterling Westchester Apartments||Greenville, SC|
|$2.85 Million||116 Units|
|Cherry Grove Apartments||Rock Hill,SC|
|$14.37 Million||104 Units|
|Riverstone Apartments||Rock Hill,SC|
|$23.03 Million||106 Units|
|Village Station Apartment Homes||Rock Hill,SC|
|$4.2 Million||160 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.
— 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.