February 21, 2023
Our organization prides itself on the fact that we not only provide affordable housing opportunities for people throughout the Triangle but we also maintain these properties so they continue to meet the needs of the residents who live in them.
However, sometimes help for these communities is needed beyond regular ongoing maintenance. When this happens, we develop a preservation plan to roll out upgrades to aging properties that need to be refreshed.
Using Low Income Housing Tax Credits and a tax-exempt bond issuance from the Wake County Housing Authority, we’ve identified seven of our family properties to update starting this year. By choosing similar properties within close proximity of each other, we can maximize efficiency during construction, ensuring that we get the most out of these funds.
The properties chosen for these updates in 2023 are the following:
Currently, we’re in the pre-development phase of the rehabilitation process, working with general contractors and designers. Construction will begin later this year and will take between 18 and 24 months to complete.
As the work will be done on occupied communities, the top priority is to limit interruption to the residents’ lives, being mindful of them during the construction process. As of now, the plan is to make the following updates to the selected properties:
- Replacing roofs, HVAC units, electrical wiring, siding, and windows as needed
- Making accessibility updates to remain in compliance with the latest ADA standards
- Updating any appliances older than 5 years
- Replacing flooring, lighting, bathroom vanities, kitchen cabinets, plumbing, doors, windows, and tub surrounds in individual units
- Adding overhead lighting to any units that do not currently have it
Beyond rehabilitating these aging properties, our goal is to bring more affordable housing options to those who need them. Of Madison Glen’s 120 apartments, currently, 48 of them are affordable units. After doing these updates, all 120 units will be affordable and open to those in the community making less than 60% of the area median income (AMI).
This preservation portfolio is a big undertaking, but our team knows that it will absolutely be worth it. The hope is that this rehabilitation process will serve as a model for future preservation rehab projects, not only for DHIC but for other affordable housing communities across North Carolina.