9% Allocation Awarded in Michigan

Evergreen Partners along, along with its joint-venture partner Amurcon Corporation, is pleased to announce that they have been awarded 9% Low Income Housing Tax Credits for the acquisition and rehabilitation of Art Center Townhomes in Detroit, MI. The property provides homes for 60 families, in 40 two-bedroom and 20 three-bedroom townhome apartments. Renovations of over $2 million are planned, with work commencing immediately after the purchase, which is scheduled for the first quarter of 2008. G. Fisher Corporation is the General Contractor for the work, and Hooker DeJong Architects are overseeing design and architectural details.

"It has been a pleasure to work with Amurcon, the Michigan State Housing Development Authority, St. James Capital, the City of Detroit and HUD on the redevelopment of Art Center, and we look forward to a successful closing and renovation effort," said Angus King, who is leading Evergreen's work on the project. "Urban renewal and the preservation of affordable housing in Detroit is key to the future of the city, and we're proud to be playing a role in providing jobs as well as safe, quality affordable housing to the area. The support of our local partners is also helping us create a more green, sustainable property, which will be better for residents, for the environment, and for ongoing operations.