An affordable housing project in Easley has received a $404,000 grant from the Federal Home Loan Bank of Atlanta that will help finance the project, the developer said.
Construction on the Pope Field Terrace project on Pearson Road near the Pope Field Road intersection is expected to begin by the end of the year and be completed in November, said Hollis Fitch, owner of Flat Iron Group, the project developer.
The grant, “helped close the financial gap that we were experiencing,” Fitch said. “It would have been very difficult (without the grant) … I don’t think we would have been able to build as high quality a design as we are doing,” Fitch said.
The $7.9 million project will feature 56 units in four, two-story buildings and a clubhouse on nine acres, he said. There will be 12 one-bedroom units, 28 two-bed, two bath units and 16 three-bedroom, two-bath units. Sizes will range from 852 square feet for a one bedroom unit to 1,254 square feet for a three-bedroom unit, he said.
The grant is one of three totaling $717,438 to assist in funding three affordable housing developments in the state, according to a statement from the bank. The others were an $83,320 award for a project in Greenwood and $230,118 award for a project in Lugoff.
The funding is part of $13.6 million that FHLBank Atlanta will award in 10 states and the District of Columbia to create, improve, or preserve 2,265 units of affordable housing, the bank said.
Households in Pickens County whose income is 60 percent of the area median income could qualify to rent one of the units, Fitch said. For example, the median household income for a family of four in the county is $59,000, he said, meaning a family of four with a household income of $35,400 might qualify to rent a unit.
Affordable housing projects, such as the Pope Field Terrace, are able to offer lower rents because they are allowed to sell 10-year, low-income housing credits to large investors that can take advantage of tax liabilities. This allows for projects to have little or low debt on the properties, Fitch said, which allows developments to offer low rents while covering their financial obligations.
“There is no ongoing subsidy,” he said.
The project contractor is Greenville-based Creative Builders, Fitch said. A new road — Pearson Terrace Drive — will be constructed as part of the project. The clubhouse address would be 110 Pearson Terrace Drive.
People interested in learning more about renting a unit can contact GEM management 704-357-6000.