Today was the groundbreaking for Clairmont Family Apartments in the Metro Atlanta city of Chamblee, Georgia.
LIIF staff at the event were Jonny Newburgh, Felicia Echols, Dona Black and Natasha Dowell (bottom photo, left to right), with Dona honored to speak on behalf of our organization (top photo) and participate in the actual groundbreaking ceremony (second photo, third from right).
Speech by LIIF Senior Loan Officer, Southeast Region Dona Black
“I am so excited to be here today to celebrate this win for the City of Chamblee — and Metro Atlanta overall.
“When our Vice President, Southeast Region LaToya Kyle heard about this Mercy Housing Southeast project, we were all in. That’s because Clairmont Family Apartments meets our mission that ‘everyone in the United States should benefit from living in a community of opportunity, equity and well-being.’
“LIIF is one of the largest of our nation’s 1,400+ community development financial institutions, or CDFIs, which are rubber-stamped by the U.S. Treasury. Think of us as a nonprofit bank filling gaps in mainstream financial markets. Since our 1984 start, we have invested $3.8 billion in historically undercapitalized communities, with our serving 2.6 million Americans. In addition to affordable housing, we invest in child care spaces and community facilities.
“We are a capital innovator, with our goal being early-stage catalytic capital. In the case of Clairmont, we offered a $12 million construction loan to jumpstart this transformative project.
“Additionally, LIIF offered $830,000 via a federal tool called the Capital Magnet Fund. Georgia offers a 9% Low-Income Housing Tax Credit application process that has proved to be highly competitive. The Capital Magnet Fund loan proceeds provided favorable financing and additional points for Clairmont Family Housing to be awarded LIHTC tax credits. Tax credits and tax equity are critical in taking affordable housing from blueprint to reality, ensuring a deal pencils out.
“This was a complex capital stack which is typical of affordable housing deals. I want to thank all of our partners in this project. This was a labor of love for us all, with deep collective impact.
“I also want to recognize LIIF’s own partner, Cheryl Strickland, who is Owner of Citihomes Consulting. Thank for your invaluable underwriting expertise for this deal.
“LIIF’s work is scaling across the Southeast. We have a vision, the expertise and a plan. Clairmont will serve as a model for the type of affordable housing in which we will invest across this region.
“As we break ground today, let’s remember that it’s not just about a building. It’s about the people in the building. So let me finish by celebrating the 67 households who will call Clairmont home, creating a community of opportunity. Thank you to the Mercy Housing Southeast team; we are honored to be a part of this project and community win.”
As we break ground today, let’s remember that it’s not just about a building. It’s about the people in the building. So let me finish by celebrating the 67 households who will call Clairmont home, creating a community of opportunity. Thank you to the Mercy Housing Southeast team; we are honored to be a part of this project and community win.
LIIF Senior Loan Officer, Southeast Region Dona Black