AMERICUS, GA (October 21, 2013)- The City of Americus joined MACO Properties, LLC, to celebrate a ground-breaking for Creekview Commons, a new affordable senior community for individuals age 55 years and older. The community will include 20 one-bedroom and 30 two-bedroom apartments.
The $7.5 million project is strategically planned to be an EarthCraft Multifamily certified development. The purpose of acquiring an EarthCraft certification is to encourage construction of more energy efficient homes and communities. “It takes everyone working together to make sure we have a sustainable economy to foster growth,” said Barry Blount, Mayor of Americus.
MACO Properties, LLC, is the general partner of the project, and MACO Development Company, LLC is the developer. MACO Development, established in 2001, has been involved in Low Income Housing Tax Credit (LIHTC) projects in Missouri, Tennessee, Georgia, Arkansas, Illinois, South Carolina, Kansas, Texas and Mississippi. Affordable Equity Partners (AEP) provided the tax credit equity and have partnered in approximately 40 LIHTC properties with MACO.
Senior housing options are currently limited in Americus and surrounding areas. Creekview Commons will offer quality, affordable housing with attractive community amenities. Scheduled activities within the community will encourage seniors to remain active and engaged. AEP has been active in the LIHTC program since 1986 and was instrumental in drafting the legislation for the state tax credit program in Georgia. AEP has syndicated $2 billion in federal tax credits nationally, including $620 million state tax credits in Georgia.
McKeann and Associates, under the guidance of Rory McKean, is the architect for Creekview Commons. Other development partners include the Georgia Department of Community Affairs (GDCA), who administers the Federal and State LIHTC programs in Georgia.
Fairway Construction Co., Inc. (FWC) of Columbia, Missouri, is building Creekview Commons. FWC has built more than 170 affordable and market rate multi-family developments in seven states, including new construction and historic renovation. FWC has built more than 15 properties in the state of Georgia with five additional developments currently under construction. The local impact, representing income and jobs for local residents, is $3,650,000. The annual tax impact generated by the construction phase of Creekview Commons is approximately $3,840,000 and is estimated to create a total of 57 construction-related jobs for the city of Americus.
Creekview Commons will be managed by Fairway Management, Inc., (FWM), who manages over 150 affordable and market rate communities for seniors and families in seven states. FWM continues to expand through out Georgia, managing nearly 25 properties statewide. MACO Properties, LLC anticipates the community will be available for occupancy in the fall of 2014. For more information please call FWM at 1-800-424-0338.
