Blakely Commons in Blakely GA, a new affordable single family rental home subdivision has begun construction

Hammond Development acquired 27 acres of land in Blakely GA in April and broke ground in May on the construction of Blakely Commons, a 64-unit subdivision consisting of three- and four-bedroom single family rental homes and a clubhouse. Equity for the project was raised through the sale of state and federal Low Income Housing Tax Credits administered by the Georgia Department of Community Affairs and syndicated by Affordable Equity Partners of Columbia, MO. Construction and permanent loans are being provided by SunTrust Bank with guarantees from the UDSA and through an AHP grant provided by the Federal Home Loan Bank of Atlanta. B & H Contracting of Florala, AL is the General Contractor. Homes will begin leasing in the fourth quarter with completion of the project in early 2009.