DHIC Advances Real Estate Development Program to Deliver More Affordable Housing Choices

Capital Towers Apartments on Six Forks Road in Raleigh Before and During Renovation

Capital Towers, Raleigh

DHIC is working with The Presbyterian Homes Inc. and a dedicated group of volunteers associated with the Presbyterian Church to undertake major renovations of Capital Towers Apartments on Six Forks Road in North Raleigh. Capital Towers Apartments is a two-building 297-unit senior apartment community. Capital Towers 1 was originally built in 1972 and Capital Towers 2 was built in 1993.

DHIC closed on financing in June and Clancy & Theys, the general contractor, began renovations shortly after. The financing partners include: The City of Raleigh, NC Housing Finance Agency, Wells Fargo Bank, Enterprise Housing Credit Investments, Fannie Mae, and PGIM Real Estate Finance.

To learn more about the renovations happening at Capital Towers, please click here.

Beacon Ridge, Raleigh
In September, the DHIC Real Estate Development team closed on all Beacon Ridge financing. Construction continues to be underway and remains on schedule. Beacon Ridge will offer 120 apartments to families. For more information about the partnerships at Beacon Ridge, please click here. We are also excited to share that Wells Fargo Housing Foundation has awarded DHIC a $250,000 grant to advance the development of Beacon Ridge. Wells Fargo is a valued partner and we are grateful for their continued commitment as we work together to grow and enhance affordable housing opportunities in the Triangle.

Pennington Grove II, Garner
In August 2019, DHIC was awarded tax credit funding from the NC Housing Finance Agency. The funding will be used for building out phase II of Pennington Grove, an affordable housing community, in Garner, for seniors age 55 and older.

DHIC will build 69 one- and two-bedroom apartments for seniors adjacent to the existing 83-unit senior community that was completed during phase I of the project in 2017. Features of Pennington Grove II will include on-site property management, covered drive-through at entry, common laundry facilities as well as washer dryer hookups in the apartment units, a computer/business center for residents, a fitness room with exercise equipment, indoor and outdoor seating areas, multi-purpose room and clubhouse, screened-in porch, and tenant storage areas.

Willard Street, Durham
DHIC, in partnership with Self-Help and the City of Durham, broke ground on Willard Street Apartments, on Tuesday, July 16^th. Willard Street will provide 82 affordable apartments to individuals living in downtown Durham. This community is estimated to be complete in late 2020. For more information and to learn more about the partnerships that make this development possible please visit www.dhic.org/willardstreet/.

Greenfield Commons, Chapel Hill
In June DHIC completed Greenfield Commons, which provides 69 one- and two-bedroom affordable apartments for independent, active seniors age 55 and older with limited incomes, all below 60% of the area median income. Greenfield Commons is located next to Greenfield Place, which offers 80 one-, two-, and three-bedroom affordable apartments to families, completed by DHIC in 2017. The community is now 100% leased and all residents at Greenfield Commons are fully moved in.