Tom Kurrie, Russ Henry and Edward Cochran closed four affordable housing transactions in the month of July. Each of the transactions utilized 9% federal low income housing tax credits (“LIHTC”) and Georgia state low income housing tax credits awarded in a competitive round by the Georgia Department of Community Affairs. These new affordable housing projects will be built in Auburn, Blue Ridge, Franklin Springs, and Young Harris, Georgia. Syndication of the credits was provided by Regions Bank on three of the transactions and Raymond James Tax Credit Funds for the other. The LIHTC program, which is based on Section 42 of the Internal Revenue Code, was enacted by Congress in 1986 to provide the private market with an incentive to invest in affordable rental housing. There are over 81,000 LIHTC units in 839 projects in Georgia.