Tapestry partnered with 3Keys, Inc. and National Housing Trust/Enterprise Preservation Corporation to redevelop Phoenix House, a supportive housing community in the City of Atlanta, Fulton County, GA. This property serves formerly homeless individuals with mental illness. Onsite services are provided by Community Friendship, Inc. This redevelopment project—a combination new construction and rehabilitation–includes 69 efficiency units to preserve supportive housing on this 25 year property. Tapestry helped secured equity from 9% LIHTCs, a permanent loan from Invest Atlanta, and Project Based Rental Assistance from the Atlanta Housing Authority for this $10.5 million project. Financing closing occurred in December 2016 and construction completed in November 2017.
Winner – BEST OVERALL PROJECT – Affordable Housing Finance Reader’s Choice Awards (2016)
Tapestry partnered with In-Fill Housing to rehabilitate Greystone Apartments, a historic building with expiring LIHTCs. This 71-unit project is located in downtown Rome, Georgia, and is within walking distance to the main public transit station. The property serves seniors and those with disabilities and offers project-based rental assistance to 20% of the residents. The project was financing with 9% LIHTCs and historic tax credits for the $9.5 million redevelopment. The property achieved EarthCraft green building certification and features dedicated space for an active art therapy program. Financing closing occurred in October 2014 and construction was completed in October 2015.
Village at Blackshear
Tapestry partnered with In-Fill Housing, a non-profit affiliate of the Macon Housing Authority, to rehabilitate the Village at Blackshear, a 64-unit apartment community in Blackshear, GA for seniors or disabled households. The property was originally redeveloped with LIHTCs over 18 years prior and was in need of a major rehabilitation to preserve this property as affordable housing. Tapestry and Infill Housing secured 9% LIHTCs and conventional debt to finance the $8 million redevelopment. The rehabilitation provided increased square footage in each unit, a new community center, and new community amenities. The property provides Section 8 project-based rental assistance to all residents. Tapestry and In-Fill fostered a new collaboration with Unison Community Services to provide comprehensive on-site supportive services to residents in order to maintain a high quality of life. The rehabilitation was completed in October 2014.
The Harbor and Gallery of West Greenville
Tapestry partnered with Douglas Development and the Greenville Housing Authority to rehabilitate 123 units in two existing public housing properties, Brookhaven Apartments and Westview Homes, into a mixed-income community in Greenville, South Carolina. Twelve of the units includes art studio space for artists. The $21 million redevelopment used 4% LIHTCs, tax-exempt bonds, Housing Authority funds, HOME funds, and seller financing. The closing of financing occurred in April 2016 and construction was complete by December 2017.
Tapestry is a qualified consultant and development partner for Low-Income Housing Tax Credit developments in
Georgia, Tennessee, and South Carolina. Tapestry is qualified to conduct feasibility studies for FHA refinancing and
other affordable housing financing strategies throughout the country.