Raleigh OKs $6.6 million for 230 new affordable rental units for seniors

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Street view 506 Hoke St.
Google Street view image of 506 Hoke St. before its redevelopment

North Carolina Construction News staff writer

Raleigh approved  $6.6 million in conditional gap financing on Tuesday for the development of 230 affordable rental units in three rental housing developments:

Hoke Street Apartments: $3.2 million

  • Wallick Asset Management, in partnership with Passage Home, requested funding for the construction of a 120-unit building for low-income seniors 55 or older.
  • The property is located on approximately 3.95 acres at 506 Hoke St. The site is approximately 2.0 miles within amenities such as a grocery store, pharmacy, and medical facilities.

Lorimer Spring: $1.25 million

  • Evergreen Construction Company requested funds to build a 60-unit development for low-income seniors.
  • The 2.95-acre site is located at 1104 Lorimer Rd., within 1.5 miles of amenities such as a grocery store, pharmacy, and medical facilities.

Iris Ridge: $2.15 million

  • Woda Cooper Development Inc. requested funding to construct a 50-unit development for low-income seniors.
  • The 2.32-acre site is located at 2900 Creech Rd., within 1.5 miles of amenities such as a grocery store, pharmacy, and medical facilities.

The Joint Venture Gap Financing Rental Development Program provides low-interest loans to developers of affordable multi-family housing, which are leveraged along with federal Low-Income Housing Tax Credits (LIHTCs), tax-exempt bond financing, conventional financing, and/or other public funding sources.

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