DHIC is pleased to announce that the North Carolina Housing Finance Agency (NCHFA) awarded Low-Income Housing Tax Credit allocations to Beacon Ridge (Raleigh) and Willard Street Apartments (Durham) developments, adding 202 units of high-quality, affordable housing to the marketplace for families with limited incomes.
Located off Rock Quarry Road, near I-440 and on a bus line, Beacon Ridge will offer 120 beautifully designed, affordable apartments (20 one-bedroom, 72 two-bedroom, and 28 three-bedroom units) for families. Located in southeast Raleigh, the community also includes a playground, fitness center, computer center, covered picnic area and other outdoor seating available for residents to enjoy and benefit from.
Beacon Ridge is part of the Purpose Built Communities collaborative partnership with Southeast Raleigh Promise, the YMCA of the Triangle, and Wake County Public School System. The YMCA facility will have exercise and recreational facilities, group classes, athletic fields and a swimming pool. In the adjoining building, the Wake County Public School System will open an elementary school that is expected to serve nearly 500 students. Beacon Ridge residents will have access to the school and programming and services offered at the YMCA.
In addition to tax-credit funding, Beacon Ridge is supported by low-interest loans from the City of Raleigh ($4,600,000) and Wake County ($2,477,000).
Willard Street Apartments is a unique development opportunity in the heart of downtown Durham that is a joint venture with Self-Help. It will offer 82 apartments (39 one-bedroom and 43 two-bedroom units) for families. Located adjacent to the Durham Station Transportation Center, the site offers convenient access to both local and regional transportation options.
As a prominent building in Durham’s downtown, Willard Street Apartments will have a number of significant design features which include a single, four-story building with two elevators built above two stories of structured parking with street-level retail space and a landscaped plaza overlooking the city skyline. These apartment homes are located next to the American Tobacco Campus and Durham Bulls Athletic Park and will offer easy, walkable access to restaurants, retail and jobs.
“We are very pleased that DHIC could bring these scarce funds to support the construction of more affordable apartments in the Triangle,” said Gregg Warren, DHIC’s President. “Our partnerships with local governments and other nonprofits made this possible.”
In total, NCHFA, the public agency charged with administering the state’s share of federal Low-Income Housing Tax Credits, awarded credits to 58 projects in 36 counties in this round. This effort will increase or preserve the affordable housing inventory by 2,906 apartment homes across the state.
“This investment represents the state’s commitment to ensuring that low- to moderate-income residents have a safe and affordable place to call home,” said Warren. “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.”
In addition to the equity raised through low-income housing tax credits, this project is made possible by a $3.6 million financial commitment from the City of Durham and a $2.5 million commitment from Duke University and Capitol Broadcasting Corporation.
“I am thrilled with this tax credit award, which will provide crucial investment in affordable housing right in the middle of downtown,” said Mayor Steve Schewel. “The City, Self-Help, DHIC, Duke, and Capitol Broadcasting have all come together on this project of truly affordable rental housing on City-owned land adjacent to Durham Station.”
In 2017, more than 3,400 people called one of DHIC’s 39 rental apartment communities “home,” and DHIC’s Homeownership Center counseled more than 750 families through homebuyer workshops or one-on-one sessions, with 303 families buying their first home. With this year’s award, DHIC will continue its award-winning work, developing safe, healthy, and beautiful communities that are diverse, economically vibrant, and affordable.