A large area of property has been cleared on West Jones on which low income housing for the elderly is going to be constructed. The complex is to be called Grace Crossing Apartments and will sit on a 12-acre tract.
      Scheduled to open in 2012, the complex will have a mix of one and two bedroom units. A total of 65 units will be constructed. The project design will comprise three, two story buildings connected by two elevators. There will be a separate building comprising a manager's office, central laundry, and community room. There will also be 125 parking places.
      Grace Crossing is an LIHTC elderly development. For those of you who don't know what that is, the Low-Income Housing Tax Credit (LIHTC) program is a major financing tool to construct or rehabilitate affordable rental housing for families at or below 60 percent of the area median income.
      In paperwork submitted to the Georgia Department of Community Affairs for approval of the development, the following projections were put forth. In 2013, it is estimated that 15 percent of elderly owner-occupied households age 55+ and 24 percent of the elderly renter-occupied households age 55+ in this area will meet the target income group for this facility.
      That is pretty significant in my opinion, and if their projections are correct, regardless of one's opinion of low income housing, this is a needed development.
      What you may not be aware of is that present, the Statesboro metropolitan area has two LIHTC elderly properties. They are Laurel Pointe on East Main Street and the Ashton (former Summit) on North Main Street, and they are full and even maintain waiting lists.
       Elderly populations are very vulnerable as their earning ability diminishes. Recent estimates from various financial analysts purport that more than 25 percent of U.S. citizens over the age of 65 have no savings or retirement (outside of social security) whatsoever.
       Dire numbers with very little hope in this economy of improving. It appears as if Grace Crossing will fill an unfortunate void.

      So, until next Tuesday, I bid you au revoir.
      Got a scoop for Jan? Call (912) 489-9463; email jmoore@statesboroherald.com