History: In 2006, Nehemiah arranged for a planning group from the Master of Real Estate Development program from Clemson University to team up with the City of Aiken and Second Baptist Community Development Corporation (CDC) to complete a Master Plan for a 70 acre site owned by Second Baptist Church across the street from Aiken High School. Once the plan was completed, Nehemiah put together a number of Section 42 tax credit applications, which were not funded. Finally, in partnership with Second Baptist CDC, Nehemiah completed 9 three bedroom single family homes for rent.
Challenge: Find a way to complete the planned residential units depicted in the Master Plan.
Solution: The Bennett Group, a very successful for-profit tax credit developer from Alabama, contacted Nehemiah about a possible partnership. Quickly, it became clear that the Second Baptist site provided a development opportunity. Using tax credit financing, Nehemiah and Second Baptist CDC partnered with The Bennett Group in 2013 to build 44 three bedroom single family homes on the site. The homes are now completed and occupied. The renters living in these homes in 15 years will be offered the opportunity to purchase the homes at discounted costs.
