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

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 V, LLC,
Helping Create Approximately 500 New Affordable Housing Units

Company also announces completion of three Metro Atlanta properties

Atlanta, GA – March 31, 2007 – Stateside Capital, LLC today announced the completion of the private placement of Stateside Georgia Tax Credit Fund V, LLC, which generated more than $10 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 500 new affordable housing units for the elderly and families with limited incomes in Georgia. “This is our second fund created for a single investor,” 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.”

Atlanta Properties Completed

The company also announced the completion of the final three properties to which Stateside Georgia Tax Credit Fund I, LLC contributed equity: Ashton Arbors, Ashton Grove and Ashton Walk.

Ashton Arbors, located in Marietta, Georgia, is a new 150 unit complex targeting persons 62 and older. The property consists of two, three-story buildings equipped with elevators on approximately 9.01 acres. The complex features 66, one-bedroom and 84, two-bedroom apartments. Each apartment includes kitchen appliances, washer and dryer hookup, mini-blinds and carpeting. The complex amenities include a community activities room with a fully equipped kitchen, resident media/business center, and exercise room. The complex also has on-site laundry facilities, barbeque area equipped with benches and grills, and a reflection pool. 

Ashton Grove, located at the corner of Redwing Circle and Covington Highway, Decatur, DeKalb County, Georgia. The Ashton Grove apartment community consists of 160 one and two-bedroom apartment units, in 2 buildings with a courtyard configuration. The approximate six acre community with surface parking and significant landscape and hardscape design is accessible through a boulevard entry at Covington Highway. The units are designed with all electric energy efficient appliances, central heat and air conditioning. The building structures are wood framed with brick and siding exterior facades supported on monolithic slabs. The interior of the units are spacious layouts with open living areas, modern kitchens and bathrooms, and walk-in closets. The walls and ceilings are painted sheetrock trimmed with wood including crown molding and chair rail. The floor coverings are premium grade and style carpets, tile, sheet vinyl, and wood.

Ashton Walk, a community for independent seniors age 55 and older, is located in Forest Park, Clayton County, Georgia. The entire property consists of 159 units on approximately 9.179 acres. The complex will have one and two bedroom apartments and 56% of those will be two-bedroom and two-bath apartments. The apartment interiors feature designer kitchens with wood cabinetry, electric appliances and garbage disposal systems. The rooms have walk-in closets and ceiling fans. The complex amenities include a courtyard, exercise facility, furnished common seating areas and a meeting room. 

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.