Monarch Private Capital Funds New Affordable Housing
ATLANTA, Jan. 27, 2022 (GLOBE NEWSWIRE) — Monarch Private Capital, a nationally recognized ESG investment firm that develops, finances and manages a diverse portfolio of projects generating federal and state tax credits, is pleased to announce the financial close of the Housing Tax Credit Low-Income Persons (LIHTC) for an affordable amount of $11 million. subdivision called The Pointe at Elmwood in Columbia, South Carolina.
The Pointe at Elmwood is located at 2325 Elmwood Avenue in Columbia, South Carolina. The multi-family apartment community will offer 58 newly constructed rental units to households with incomes at or below 60% of the regional median income (AMI). Floor plans include two-bedroom/two-bathroom units, with fully equipped kitchens, including dishwashers and garbage disposals. Residents will also have access to shared amenities such as a community room with computers, laundry facilities and a playground. To carry out the project, Monarch partnered with Prestwick Businesses, a fully integrated development, construction and investment company specializing in multi-family housing.
“La Pointe at Elmwood fulfills our mission by providing high quality, affordable housing in a community that is in dire need of more housing. We are grateful to our partners at South Carolina Housing, the City of Columbia and Monarch for helping us provide this community,” said Jodie Tucker, CEO and founding partner of Prestwick Companies.
From historic sites dating back centuries to a recently revitalized downtown, South Carolina’s capital, Columbia, uniquely blends tradition and modernity. Residents and visitors can learn about South Carolina’s fascinating history at the South Carolina State Museum, the largest museum in the Southeast, or explore the natural world at one of the nation’s finest zoos, Riverbanks Zoo & Garden. Bursting with local talent, Columbia offers a number of foodie districts with tasty hometown flavors and plenty of unique shopping options that are sure to offer something special. Outdoor activities like camping, fishing, boating and more are widely enjoyed in Congaree National Park as well as Lake Murray which is considered an angler’s paradise due to the region’s temperate climate. .
In addition to meeting the state’s need for more affordable housing, the development of The Pointe at Elmwood will have a significant impact on the local economy. According to a 2015 National Association of Home Builders (NAHB) report, the project is expected to create nearly 500 direct and indirect jobs and generate more than $5.6 million in local tax revenue over the course of its lifespan. These benefits will continue to have a positive impact on the Columbia community for many years to come.
“The development of Pointe at Elmwood will help satisfy some of South Carolina’s critical demand for more affordable housing opportunities,” said Brent Barringer, Partner and Managing Director of LIHTC at Monarch Private Capital. “Our partnership with Prestwick will allow Monarch to provide hard-working local families with clean, quality homes and valuable resources.”
For more information about Monarch programs and services, please contact Brent Barringer by email [email protected].
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean energy, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The company offers innovative tax credit investments for affordable housing, historic rehabilitations, renewable energy, cinema and other qualified projects. Monarch Private Capital maintains long-term relationships with institutional and individual investors, sponsors and lenders who participate in these types of federal and state programs. Based in Atlanta, Monarch has offices and professionals located across the United States
About Prestwick Businesses
Based in Atlanta, Georgia, Prestwick Development has created communities that inspire and serve residents and neighborhoods. Founded in 2008, Prestwick’s outstanding reputation is the result of its vision for new urban planning ideas and high profile developments that are changing the face of urban and suburban landscapes across the South. The company is led by an experienced team with a diverse background in development, construction, municipal administration and community outreach.