The investment company utilised more than $53m in LIHTCs to support the project. Credit: PIXEL to the PEOPLE via Shutterstock.

Advantage Capital has invested in three affordable housing developments in Georgia, US, bringing 623 units to Atlanta and Lawrenceville.

These homes will cater to families and older residents with incomes at or below the area median income. The investment company utilised more than $53m in Low-Income Housing Tax Credits (LIHTCs) to support the projects.

The Flats at Stone Hogan in Atlanta, valued at $99.9m, will offer 256 multifamily units as a new construction.

The Villas at Stone Hogan, also in Atlanta, is a $68.9m development providing 192 units for those aged 55 and above.

Furthermore, Applewood Towers in Lawrenceville, involving the acquisition and rehabilitation of two adjacent housing properties, is part of the funding initiative.

Both Stone Hogan properties are being developed by Zimmerman Properties, a business specialising in affordable housing development, construction, and management.

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Meanwhile, Mansermar Development and Rebuild America are together handling the Applewood Towers project, focusing on affordable housing for older citizens.

Advantage Capital, an impact investment company, has a history of investing in underserved areas to foster community growth.

Since its inception in 1992, the business has channelled over $4bn into more than 900 companies, creating upwards of 70,000 jobs. Its commitment extends beyond business growth to include affordable housing and renewable energy projects.

Advantage Capital vice-president Tori Cook said: “Residents in Georgia, including seniors, face a significant challenge amid rising housing and rental costs, limited housing availability, and other barriers.

“We are pleased to be working with LIHTC developers to help address the affordable housing shortage in Georgia and ultimately provide individuals and families in the state with more options.”