Magnolia Terrace, Phase II, misses cut in 2006 competitive round

Unfortunately, Phase II of Magnolia Terrace did not receive a funding allocation in the 2006 tax credit round. The project would have consisted of 36 units adjacent to the existing 50-unit Phase I. The project passed market and other threshold requirements but lost points during the scoring process and did not make the cut. This was primarily due to not receiving the AHP grant from the Federal Home Loan Bank. HDi intends to reapply for 2007 credits and bring this much needed project to the residents of Fort Valley and has already taken steps to shore up points for 2007. HDi reapplied for the AHP grant in September 2006.