Stateside Capital, LLC Announces Completion of Private Placement of Stateside Georgia Tax Credit Fund IV

 

FOR IMMEDIATE RELEASE :: Contact: Jenifer Duggan, (404) 604-2604, jduggan@hopebeckham.com

Stateside Capital, LLC Announces Completion of Private Placement of Stateside Georgia Tax Credit Fund IV, LLC, Helping Create Approximately 600 New Affordable Housing Units

Company also announces completion of four low income and independent senior living properties

Atlanta, GA – December 16, 2006 – Stateside Capital, LLC today announced the completion of the private placement of Stateside Georgia Tax Credit Fund IV, LLC, which generated more than $20 million in Georgia Housing Tax Credits. Stateside Capital is the first and only Georgia company organized to facilitate investments in state tax credits.

The equity provided by the Stateside fund was instrumental in creating approximately 600 new affordable housing units for families with limited incomes in Georgia. “Our fourth fund sold very quickly,” explains Richard L. Beacham, Stateside Capital’s president. “It’s a win-win proposition for both the investor, who benefits from a long-term state income tax reduction by owning state housing tax credits, and the potential occupant, who has access to a quality affordable apartment that would otherwise not be available.”

Georgia Properties Completed:

The company also announced the completion of the nine properties to which Stateside Georgia Tax Credit Fund IV, LLC contributed equity: Ashton Arbors, Ashton Grove, Ashford Landing, Ashford Parkside Senior Residences, Ashton Walk, Norman Berry Village Senior Residences, Orchard Walk Apartments, Vineyards of Brown’s Mill, and Waynesboro Gardens.

Norman Berry Village Senior Residences is a 119-unit, independent living, senior rental housing community located in Fulton County, East Point, Georgia. Approximately 80% of the units will be reserved for low income senior residents. This gated and secure community will include a rocking chair porch, individual garden areas, a wellness center, library, computer center, and a grand community center for social and recreational activities.

Orchard Walk Apartments is a unique multi-family complex in DeKalb County, Atlanta, Georgia. The complex consists of 204 units in 23 buildings, 161 of which will be reserved for low-income tenants.

Vineyards of Brown’s Mill is a 10 building, 210 unit complex located on 27.65 acres in Fulton County, Atlanta, Georgia. The complex is developed as part of a larger, master planned community, which will have a security gate, attractive landscaping, clubhouse, business center, fitness center, central park area with gazebo, and a pool.

Waynesboro Gardens is complex located in Burke County, Waynesboro, Georgia consisting of 14 one- and two-story buildings with a total of 69 units. The complex features a computer center, fitness center, and gazebo with barbecue grill. 

Through the 1986 Tax Act, the Federal Government created an incentive program for developers to build privately-owned apartments in locations where market rate rents have exceeded the level many individuals could afford.

Georgia’s tax code was amended in 2001 to allow the separation of state housing tax credits from the Federal tax credits to help investors in affordable housing developments to reduce state income taxes and insurance premium taxes. These credits encourage businesses and high net worth investors to provide a public benefit in the form of affordable housing by enabling them to reduce their state tax liabilities. State housing tax credits are generated through leading real estate developers who specialize in family and senior housing properties. Sixteen other states offer similar state tax credits.

“These properties provide quality apartments people will be proud to live in,” said Beacham. “This will become especially important in the future as the first wave of ‘Baby Boomers’ begins to retire and seek housing they can afford on reduced incomes.”

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About Stateside Capital

Headquartered in Atlanta, GA, Stateside Capital, LLC was organized in 2004 to meet the needs of investors and real estate developers participating in the market for state housing tax credits. Stateside executives bring more than 100 years of experience in investing and tax credit development. Stateside Capital actively manages its portfolio to help maximize investor returns, diligently evaluating properties during the acquisition phase and monitoring them continually during the delivery process. For more information on the company and both Federal and State Tax Credits, please visit www.StatesideCapital.com.