Enterprise Supplies Tax Credit Equity to Fund Renovation
- Oct 23, 2008
By Anuradha Kher, Online News EditorAugusta, Ga.–Progressive Redevelopment Inc. (PRI) and Enterprise Community Investment Inc. recently opened Cedarwood Apartments, a renovated 184-unit affordable apartment community, located at 527 Richmond Hill Rd. West in Augusta, Ga. The acquisition and renovation of Cedarwood Apartments was undertaken to preserve high quality affordable housing for this community. The property was structurally sound but in need of major upgrades to make it competitive with surrounding properties and to create decent, safe housing for its residents.The renovation included the replacement of roofs and siding, new windows and doors, a new energy efficient HVAC system and new interior finishes in units. Existing trees were preserved and additional trees and decorative landscaping were also installed.Cedarwood Apartments was renovated utilizing financing from a Low Income Housing Tax Credit equity investment from Enterprise and a loan from Enterprise’s Multifamily Mortgage group. Financing also included a HOME loan from the Georgia Department of Community Affairs, a Federal Home Loan Bank Affordable Housing loan, and a construction loan from Commerce Bank.To address the various needs of the projected renters, Progressive Redevelopment Inc. has provided supportive services through its affiliate CaringWorks Inc. with property management provided by PRISM Realty Management. Services include supervised activities for children; a computer lab with high-speed Internet access; a part-time activities manager; homebuyer training and financial budgeting seminars. The support services are offered free to the residents of Cedarwood Apartments, with a goal of enriching the lives of the families as well as to encourage an atmosphere of “home” and neighborhood stability.