August 23, 2007

Winston-Salem Developer Wins Tax Credits to Finance Affordable Housing;
Five Apartment Projects in the Carolinas and Virginia Valued at $35.4 Million

WINSTON-SALEM—The Landmark Group has won approval to use affordable housing tax credits to help finance five developments totaling more than $35 million in the Carolinas and Virginia.

Landmark was awarded the Low Income Housing Tax Credits after state housing agencies in the three states reviewed proposals from competing developers. Landmark won tax credits to develop the following:

• Rowan Pointe, new construction, 60 apartments for working families, Mocksville; $7.5 million development cost
  
• Mayworth School, historic rehabilitation, 40 apartments for elderly residents, Cramerton; $5.8 development cost
  
• Nathaniel Village, new construction, 48 apartments for working families, Greenville; $5.5 million development cost
  
• Hunter Bay, historic rehabilitation, 40 apartments for elderly residents, York, S.C.; $5.7 million development cost
  
• Kemper Lofts, new construction and historic rehabilitation, 61 apartments for working families, Lynchburg, Va.; $10.9 million development cost

The Landmark Group has completed or under development almost $400 million worth of mixed-use projects to revive downtowns, restore aging neighborhoods and create affordable housing in the Carolinas, Florida, Georgia, Tennessee, Texas, Virginia and Washington.