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

 

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 VIII, LLC,
Helping Create 268 New Affordable Housing Units

Company also announces completion of six Metro Atlanta properties

Atlanta, GA – December 31, 2007 – Stateside Capital, LLC today announced the completion of the private placement of Stateside Georgia Tax Credit Fund VIII, LLC, which generated nearly $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 268 new affordable housing units for the elderly and families with limited incomes in Georgia. “Our eighth fund helped create approximately 268 new high quality, affordable apartments,” 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 six properties to which Stateside Georgia Tax Credit Fund VIII, LLC contributed equity: Annadale Park, Ashton Place Apartments, Lone Mountain Village, Mulberry Court, Brookhaven Apartments and Creekwood Apartments. The six properties are located outside the metropolitan area.

Annadale Park is a 36 unit senior property located in Ashburn, Turner County, Georgia. The property will be exclusively for seniors. On an annual basis, the property is expected to generate $386,500 Georgia Credits.

Ashton Place Apartments is a 41 unit senior property located in Ashburn, Turner County, Georgia. The property will be exclusively for seniors. On an annual basis, the property is expected to generate $282,000 Georgia Credits. 

Brookhaven Apartments is a 48 unit multi-family property located in Lake Park, Lowndes County, Georgia. On an annual basis, the property is expected to generate $329,000 Georgia Credits.

Creekwood Apartments is a 37 unit multi-family property located in Soperton, Treutlen County, Georgia. On an annual basis, the property is expected to generate $325,000 Georgia Credits.

Lone Mountain Village is a 58 unit senior property located in Ringgold, Catoosa Country, Georgia. The property will be exclusively for seniors. On an annual basis, the property is expected to generate $354,000 Georgia credits. 

Mulberry Court is a 48 unit senior property located in Fitzgerald, Ben Hill County, Georgia being developed by Jerry Braden. On an annual basis, the property is expected to generate $500,200 Georgia 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.”

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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.