Fort Valley GA will soon have 36 new units of affordable rental housing – Construction of Phase II of Magnolia Terrace Apartments nears the half-way point

In April, Hammond Development acquired 2.25 acres of land in Fort Valley, GA and broke ground on the construction of Phase II of Magnolia Terrace Apartments. The project consists of 36 one-, two- and three-bedroom apartment units 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. GWL Construction of Atlanta is the General Contractor. The apartments are expected to start leasing in the 3rd quarter of 2008 and be completed by year end.