We are excited to provide South Carolina State Tax Credit Equity in one of the first affordable housing projects to receive an allocation.
CLEARWATER, Florida (PRWEB)
February 2, 2021
Churchill Stateside Group, LLC (CSG), a renewable energy real estate and financial services company, is pleased to announce the closure of financing for a new construction of an affordable housing project in Aiken, South Carolina. The apartment community will consist of 48 units for family rentals. The improvements will be built using the tax credit of the state of South Carolina, the federal tax credit for low-income housing and the financing of conventional loans. CSG will provide $ 2.66 million in tax credit capital from the state of South Carolina, a $ 7.7 million construction loan and a $ 2.1 million permanent loan commitment.
Dan Duda, senior vice president and national director of origins and acquisitions at CSG, said: “We are excited to provide tax credit for the state of South Carolina in one of the first affordable housing projects to receive an allocation. These newly created credits in South Carolina will help provide affordable housing throughout the state. In addition, our ability to provide State Tax Credit Equity, as well as Permanent and Construction Loan Financing, has enabled us to streamline underwriting, which is the type of value addition we are proud of here at CSG. “
Keith Gloeckl, CEO of CSG, added: “Having spent many years as a state LIHTC syndicator in Georgia, we are extremely pleased to be able to participate in one of the first deals awarded with South Carolina State Tax Credit. Most importantly, we are very excited about the increased housing opportunities. The new South Carolina State Credit will bring additional resources and greater viability for the State. Due to COVID-19, the need for quality affordable housing has never been more evident and this new tax credit will help significantly in these efforts. Finally, I am very proud of our team here at CSG and of our position in the low-income housing sector. Our ability to supply multiple products in the same transaction provides our customers with a streamlined and efficient process that reduces costs and processing time. “
For more information about CSG’s multi-family financial programs and services, contact Dan Duda, senior vice president and national director of origins and acquisitions, at (727) 269-5198 or by email dduda @ csgfirst. with.
About Churchill Stateside Group
The Churchill Stateside Group and its affiliates (CSG) serve the affordable housing and renewable energy industries. CSG sponsors investment funds in tax credit stocks for institutional investors and offers a variety of construction, permanent and bond financing solutions. With more than $ 3 billion of assets under management, CSG has long-standing and successful investment relationships with a number of corporate investors and pension funds. The company’s investor and developer clients benefit from our experienced team, proactive and proactive senior leadership and attractive debt and equity platforms. The company, through its subsidiary Churchill Mortgage Investment LLC, is approved by the USDA Rural Development and HUD / FHA MAP and LEAN creditor and Ginnie Mae Issuer.
For more information, visit http://www.CSGfirst.com.
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