CharterMac Gives Housing Project a $12M Hand

ATLANTA-Spotting a new investment niche, New York-based Charter Municipal Mortgage Acceptance Co. is buying $12.35 million of tax-exempt revenue bonds to fund the development of Hickory Falls Apartments, a 220-unit, eight-building affordable housing community being developed by Roswell, GA-based PRS Cos. in suburban Villa Rica, GA.

The multifamily complex will be located about 20 miles west of Downtown Atlanta at 983 Hickory Level Rd., south of Interstate 20. CharterMac executive vice president Jim Spound calls the site “a promising market for affordable housing.” He says Villa Rica “has excelled at enticing large corporations to locate within its bounds and is located within an easy commute to Atlanta.”

The one-to-three-bedroom apartments will have 975 sf to 1,350 sf of living area and will be targeted at families earning 60% or less of the area’s median income.