JEDA Issues $98 Million in Bond Funding for Foothill Affordable Housing Foundation
Columbia, SC — Richland County
The South Carolina Jobs-Economic Development Authority (JEDA) issued $98,355,000 in tax-exempt bonds for the purchase of two affordable multifamily communities in Richland County by the Foothill Affordable Housing Foundation together with the Foundation for Affordable Housing.
The tax-exempt Economic Development Revenue Bonds will be used for the acquisition and improvement of a 336-unit complex known as The Paddock Club located at 4824 Smallwood Road and The Fairways, a 240-unit community located at 350 Powell Road, both in the northeast section of Richland County.
“This financing allows us to expand our growing portfolio of high-quality housing options for working families in communities where the need and opportunities exist.”
Jason Post, founder and CEO of Post Real Estate Group
“Tax-exempt financing is a great option for nonprofit developers to support community investment, long-term affordability, and economic development. We’re pleased to have a role in this project,” said Emily Luther, Bond Counsel with Parker Poe in Columbia.
“JEDA is proud to support investments that bring lasting benefits to South Carolina residents. This project addresses an immediate need and aligns with our mission to promote economic growth through strategic financing,” said Jesse A. Smith, Executive Director of JEDA.
