The new multifamily community adds quality homes, jobs and income to the Columbia area
ATLANTA, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Monarch Private Capital, a nationally recognized ESG investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit (LIHTC) equity for an $11 million affordable housing development called The Pointe at Elmwood in Columbia, South Carolina.
The Pointe at Elmwood is located at 2325 Elmwood Avenue in Columbia, South Carolina. The multifamily apartment community will offer 58 newly constructed rental units to households earning at or below 60 percent of the Area Median Income (AMI). Floorplans feature two-bedroom/two-bathroom units, complete 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 facility and playground. To complete the project, Monarch partnered with Prestwick Companies, a fully integrated development, construction and investment company that specializes in multifamily housing.
“The Pointe at Elmwood fulfills our mission by providing high-quality, affordable housing in a community with enormous need for more housing. We are grateful to our partners at South Carolina Housing, the City of Columbia, and Monarch for helping us deliver this community, “ said Jody Tucker, CEO and Founding Partner at Prestwick Companies.
From historic sites dating back centuries to a recently revitalized downtown, South Carolina’s capital city of Columbia uniquely pairs tradition with contemporary. Residents and visitors alike can discover the fascinating history of South Carolina at the South Carolina State Museum, the largest museum in the Southeast, or explore the natural world at one of the nation’s prettiest zoos, Riverbanks Zoo & Garden. Brimming with local talent, Columbia features a number of food districts boasting tasty hometown flavors and plenty of unique shopping options sure to offer something special. Outdoor activities like camping, fishing, boating and much more are widely enjoyed at the Congaree National Park as well as Lake Murray, considered to be a fisherman’s paradise because of the region’s temperate climate.
In addition to addressing the state’s need for more affordable housing, The Pointe at Elmwood development will have a significant impact on the local economy. Based on estimations from a 2015 report from the National Association of Home Builders (NAHB), the project is expected to create nearly 500 direct and indirect jobs and generate over $5.6 million in local tax revenue over its lifetime. These benefits will continue to positively impact the Columbia community in the many years to follow.