National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

Woodlawn Terrace Apartments

Woodlawn Terrace Apartments

Senior Housing

Woodlawn Terrace Apartments is a 60-unit affordable housing community for seniors in Valdosta, Georgia. The unit mix consists of 25 one-bedroom/one-bath and 35 two-bedrooms/two-baths available to households earning at or below 50 and 60 percent of the Area Median Income. Amenities include a dishwasher, garbage disposal, built-in microwave, refrigerator with ice-maker, washer and dryer, simulated hardwood flooring, and ceramic tile in bathrooms.

The community is located in a clearing at the end of a narrow, wooded driveway and consists of two three-story residential buildings, community garden, shuffleboard court, gazebo and club house. Its location is adjacent to Woodlawn Forest Church of Christ and near Valdosta-Lowndes County Senior Center. Other features include 24-hour emergency maintenance, social center, computer lab and a library. Rents are 25 percent below market rate.

Special attention was paid in the construction of Woodlawn Terrace to indoor air quality, energy efficiency and reduction of operating costs. As a result, the property is certified by EarthCraft, a statewide green building program managed by Atlanta?s Southface Institute.

The sponsor is Gateway Construction Corporation and National Equity Fund, Inc. provided $5 million in LIHTC equity.


Project Details

Completed
2011
Location
822 Lausanne Drive
Valdosta, GA
Project Type
New Construction/Elderly
Total Units
60
Mix of Residences
25 - 1 BR
35 - 2 BR
Limited Partnership
Woodlawn Terrace Apartments, LP
Tax Credit Equity
$5.0 million
Total Project Costs
$8.3 million
Sponsor
Gateway Companies
Permanent Lender
State of Georgia Department of Community Affairs
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