Celesta commences development of 416 single family homes; awards $23 million affordable housing construction contract.WINTER PARK, Fla.--(BUSINESS WIRE)--Nov. 16, 1994--Celesta Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CSTA (Computer Supported Telephony Application) An international standard interface between a network server and a telephone switch (PBX) established by the European Computer Manufacturers Association (ECMA). ) in conjunction with Celesta celesta (sĭlĕ`stə), keyboard musical instrument patented in 1886 by Auguste Mustel of Paris. It consists of a set of steel bars fastened over wood resonators and struck by hammers operated from the keyboard. Financial Corp., which utilizes Low Income Housing Tax Credits (LIHT's) in the development and construction of affordable housing communities, announced Wednesday the commencement of development of 416 single family affordable homes. Celesta has awarded the $23 million contract for the construction of the homes to Picerne Construction Co., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Picerne Investment Corp., one of the nation's largest builders of affordable housing. Last month Celesta announced the development of similar communities representing 343 single family homes, bringing the current total under development to 759 homes. With this contract, Picerne has undertaken a total of $42 million in construction awards for Celesta. The houses will be built in communities in Arizona, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , Pennsylvania, Georgia, North Carolina and Virginia pursuant to Section 42 of the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. regarding Low Income Housing Tax Credits (LIHTC LIHTC Low-Income Housing Tax Credit (program) ). Celesta estimates that on a combined basis, its gross profits for the 1995 fiscal year on these projects will exceed $8 million. Picerne Investment Co., a 70 year old privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. based in Warwick, R.I., has operations throughout the United States. Picerne acquires, builds, manages, and develops single family homes, apartments and condominiums, townhouses, offices, retail and industrial buildings. Their projects include more than 20,000 apartment and condominium units, 1.5 million square feet of commercial and industrial space and more than 5,000 single family homes. Celesta and Picerne are in final negotiations for additional joint ventures in the Southeast. "There is a tremendous pent-up demand for affordable housing in this country. Through innovative programs like this we are able to begin to meet that demand while building significant value for our shareholders," said Helmuth J. Wyzisk, president of Celesta Financial Corp. Recent projections by the Center on Budget and Policy and the Census Bureau estimate an un-met need for affordable housing in excess of four million units. Celesta Financial Corp. is an emerging financial services company specializing in the financing and development of single family affordable housing. Celesta Financial Corp. executed an Asset Purchase Agreement with Celesta Corp. pursuant to a joint Proxy Registration Statement (S-4) filed with the Securities and Exchange Commission on Sept. 12, 1994. CONTACT: Celesta Financial Corp., Winter Park Helmuth Wyzisk, 407/740-8041 |
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