High Point project moves forward after state housing financing authority gives loans, credits for $873.5 million in projects

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High Point developer Wynnefield Properties will move forward with a fifth affordable apartment complex after its plans were approved for financing through the state, The High Point Enterprise reports.
President Craig Stone told the publication he hopes to begin construction on Avondale Trace, a 72-unit project on 8.7 acres at W. Wendover Avenue near Tarrant Road, in the second quarter of 2019.
The project is one of 48 recently granted housing credit awards and state loans in 38 counties for a total of $873.5 million by the N.C. Housing Finance Agency. The agency granted an $800,000 loan and $250,000 credit for the project. The city also plans to contribute a $650,000 loan.
“We’re absolutely ecstatic to continue the work that we’ve done with the city, and to be a small part of what they’re doing to try to further support for affordable housing for the community,” Stone said in the published report.

The developer recently opened Kirkwood Crossing, a $10.2 million, 84-unit project on Kirkwood Street. Another project, Hartley Ridge on W. Hartley Drive, has almost completed construction.

Rents are set below market rates, with tenants typically earning less than 60 percent of the area median income.

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