State agency approves 59 affordable housing projects with tax breaks and low interest loans

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DHIC

North Carolina Housing Finance Agency’s (NCHFA) committee federal tax reform allocation committee has released its list of 59 projects statewide that have been approved for more than $205 million in tax breaks and low-interest loans and bonds.

“This investment represents the state’s commitment to ensuring that low to moderate-income seniors, families, and individuals have a safe and affordable place to call home,” DHIC president Gregg Warren said in a news release about the awards. “We are proud that the agency continues to find merit in DHIC’s quality, productivity, and efficiency in its utilization of federal housing tax credits.”

The NCHFA estimates that the subsidies will help support the construction or renovation of 5,406 privately-owned and managed apartment units worth about $667 million when completed, Triangle Business Journal has reported. About 73 percent of the units will target families with the remainder reserved for seniors. At least 540 units will provide housing for people with disabilities.

The committee received 172 applications and approved 59 projects, including these Triangle-area initiatives:

  • Booker Park North, a 72-unit senior housing project planned as part of Phase II of DHIC’s Washington Terrace redevelopment project in Raleigh will receive $602,000 in federal housing tax credits.
  • Greenfield Commons, a 69-unit senior housing project planned off Legion Road in Chapel Hill was awarded $564,900 in federal tax credits and a $1.2 million loan. The town has provided DHIC a $450,000 low-cost loan for the project and donated nine acres for the project and its sister community, Greenfield Place, which was awarded a tax credit allocation in 2015.
  • Shepard Greene, a 50-unit senior housing project in Zebulon by The Woda Group Inc. was awarded $327,796 in federal housing credits.
  • Quarry Trace, a 96-unit family housing project in Raleigh by Stuart H. LeGrand was awarded $760,000 in federal housing credits.
  • Amber Spring, a 42-unit senior housing project in Raleigh by Evergreen Construction Co. was awarded $323,400 in federal housing credits.
  • Benson Green, an 80-unit family housing project in Benson by United Developers Inc. was awarded $455,200 in federal housing credits, as well as a $178,000 loan from the Workforce Housing Loan Program.
  • Wilton Place, a 68-unit family housing project in Creedmoor by Pendergraph Development LLC was awarded $502,000 in federal housing credits, $800,000 in a low-interest housing loan and $436,048 from the Workforce Housing Loan Program.
  • Capital Towers, a $ 33 milllion 296-unit senior housing community in Raleigh that is being acquired and renovated in a joint effort between DHIC and The Presbyterian Homes has been awarded $809,678 in federal housing credits and a $20 million tax-exempt bond.
  • Raleigh North & Millbank Court, a 230-unit senior housing community in Raleigh that is being rehabilitated by Steele Properties Holdings LLC has been awarded $1.1 million in federal housing credits and an $18 million tax-exempt bond.
    Sunnybrook Point, a 180-unit new family housing community in Raleigh by Carolina Project Equities LLC was awarded $735,536 in federal housing credits and an $18.1 million tax-exempt bond.
  • Sterling Mill Lofts, a 96-unit adaptive re-use of a former mill factory in Franklinton by Nusbaum Associates LP was awarded $461,349 in federal housing credits and a $10 million tax-exempt bond.

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