Affordable housing might be in Port St. Joe’s future

Published: Thursday, August 29, 2013 at 09:28 AM.

Since its inception in 1987, Florida Housing's Credit program has allocated $201 million in credits toward the production of more than 53,000 affordable rental units across the state.

The mission of the Pace Foundation, a not-for-profit, is to provide affordable housing to communities in need.

The groupis not underwritten by a large corporation and is not faith-based. The development fees that they collect on each project are rolled over to the next project.

“We’re here because we made a successful development fee somewhere else,” said Mark du Mas, president of Paces. “We’re a tool in your toolbox.”

Numbers presented showed Paces’ ability to find grants and tax credits to build their properties and boasted $300 million in collected tax credits, $22 million in home loan funds and $5 million in Affordable Housing Program loan and grant funds since the group became incorporated in 1991.

The foundation is also part of the Community Housing Development Organization which requires a third of their board to be low-income residents from within their communities.

The foundation is ready to break ground on a 92-unit senior housing community in Pensacola and a 26-unit community for the mentally ill in Covington, Ga.

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