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Our History

Stateside Capital, LLC was formed on June 29, 2004. The Company is organized under the laws of the State of Georgia and is jointly owned by Richard Beacham and affiliates of Ambling Companies, Inc., and The NorSouth Corporation. Ambling Companies, Inc. is a comprehensive provider of real estate services for the multi-family industry. Ambling’s founders were among the first to develop multi-family housing under the federal affordable housing tax credit program. Ambling is recognized as a leading developer of affordable housing in the United States. Similarly, the NorSouth Corporation builds, owns and manages multi-family housing communities. Since its inception in 1986, NorSouth’s primary focus has been to develop high-quality multi-family housing. It has built a reputation as a leader in this field through a commitment to careful analysis of markets and control of all phases of development. Stateside’s President is Richard L. Beacham. Beginning his Financial Services career in 1979 with The Robinson-Humphrey Company in Atlanta, Rick has held senior positions with several investment firms for over 30 years.

Stateside Capital, LLC was formed to meet the needs of large and mid-market service and manufacturing companies (public and private), banks, life and property-casualty insurance companies, and high net-worth individuals in the acquisition of Georgia affordable housing tax credits. Institutional and high net worth investors, by investing in a Stateside Capital tax credit fund, receive tax credits to reduce or eliminate their respective Georgia state tax liability while realizing an attractive investment return. In the case of banks, the investment return extends to help meet the financial institutions’ obligations under the Community Reinvestment Act (“CRA”) (US Treasury, Office of the Comptroller of the Currency, Community Development Insights; February 2008).

In turn, all Stateside investors, through Stateside Capital’s equity financing of affordable housing developments throughout the state of Georgia, also realize the benefits of making a socially responsible investment. The bifurcation of the state and federal tax credits in certain states has created an inefficient distribution market and has challenged the ability of affordable housing developers to monetize their tax credits. At the same time, federal tax credit syndicates have not been able to effectively distribute their state credits to investors. As a result, no single dependable resource for state tax credits has emerged. It is the mission of Stateside Capital to fulfill this need. Stateside Capital launched its first Georgia tax credit fund (Stateside Georgia Tax Credit Fund I, LLC) on 1-19-2005. The Reg. D Private Placement was successfully completed on 11-20-2005 with the placement of over $25,000,000 of Georgia tax credits. Currently, the firm is the process of closing it’s 13th fund in a series of Private Placements. When fund XIII is completed, the company will have placed almost $220,000,000 of Georgia Credits in the hands of Georgia tax payers both within the state and non-Georgia based investors. Stateside Capital has large public and private company investors, 30+ community banks, insurance companies, Investment Management Companies, as well as numerous high net-worth individuals and Professional Corporations as clients. By extension, Stateside Capital’s equity investments in affordable housing properties have resulted in the development of approximately 6300 apartment homes throughout the state of Georgia while working with 18 different developers.

Stateside also has a breadth of third party professional support.  Currently, Stateside has ten Broker Dealer (“BD”) agreements. Presently, Stateside also has professional relationships with three Law Firms — Arnall, Golden Gregory, Morris, Manning & Martin and Miller & Martin, PPLC. Furthermore, Stateside’s primary accounting relationship, The Reznick Group is responsible for the distribution of all K-1’s to investors as well as various tax/real estate consulting services.  Stateside’s active banking relationships include Wachovia Bank, Park Avenue Bank and First State Bank and Trust; The Savannah Bank is Stateside’s escrow agent.

While dominating the Georgia LITHC market, Stateside has entered numerous other tax incentive opportunities. With the growing demand for “Green” opportunities, Stateside is currently in discussions with numerous institutional investors regarding their need for Federal Tax relief through the use of Tax Equity Financing of Renewable Energy Projects. Additionally, Stateside is working with the Georgia Department of Natural Resources regarding Land Conservation opportunities and the associated tax benefits.

With it’s staff of 13 and numerous professional alliances, Stateside is constantly investigating Tax Incentives on multiple State and Federal levels with an eye toward becoming a dominate player in the national Tax Incentive arena.