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

 

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 VII, LLC,
Helping Create Over 700 New Affordable Housing Units

Company also announces completion of five Metro Atlanta properties

Atlanta, GA – April 3, 2007 – Stateside Capital, LLC today announced the completion of the private placement of Stateside Georgia Tax Credit Fund VII, LLC, which generated more than $18 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 700 new affordable housing units for the elderly and families with limited incomes in Georgia. “This fund contains new apartment construction for seniors as well as multi-family apartments that are being rehabilitated,” 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 five properties to which Stateside Georgia Tax Credit Fund VII, LLC contributed equity: Bridge Creek Apartments, Campbell Stone Senior Apartments, Merrimac Apartments, Park View at Coventry Apartments and Perry Park. Two of the properties are located in Metropolitan Atlanta, GA. 

Bridge Creek Apartments is a 71 unit, 13 building apartment complex, located in Ben Hill County, Fitzgerald, Georgia. The units feature new appliances, flooring, and paint. Amenities include a community room with laundry facilities, a computer center, and a gazebo with a BBQ grill. The complex is expected to generate $420,000 of Georgia Housing Tax Credits.

Campbell Stone Senior Apartments is a 342 unit, 3 building complex located in Fulton County, Atlanta, Georgia. The complex is expected to generate $77,000 of Georgia Housing Tax Credits.

Merrimac Apartments is a 50 unit apartment complex located in Ben Hill County, Fitzgerald, Georgia. The seven building complex features a community room and a laundry room with three washer and dryer hookups. The community room houses a computer center with internet access and a fitness center. Additionally, the complex features a gazebo area, as well as, a covered community area with a BBQ grill and a picnic table. The complex is expected to generate $308,000 of Georgia Housing Tax Credits.

Park View at Coventry is a 166 unit apartment complex located 13 miles south of downtown Atlanta in the Greenbriar neighborhood. Each unit is equipped with washer/dryer units, central HVAC, dishwashers, disposals, microwaves and ceiling fans. Amenities include a library/computer room, residents lounge, theater, community room, fitness center, and beauty salon. Park View is being developed as a senior community renting to resident that are 55 years of age and over. The complex is expected to generate $525,725 of Georgia Housing Tax Credits.

Perry Park is a 60 unit existing multi-family apartment complex located in Glynn County, Brunswick, Georgia. The units feature a community room and a laundry room with three washer and dryer hookups. The community room will house a computer center with internet access and a fitness center. Along with these new amenities, a gazebo area will be constructed for the residents use, as well as a covered community area with a BBQ grill and a picnic table. The complex is expected to generate $513,000 of Georgia Housing Tax Credits.

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.”

###

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.