DHIC Secures Financing for Much-Needed, Affordable Communities in the Triangle
August 17, 2016
DHIC is pleased to announce that it has been awarded Low-Income Housing Tax Credit allocations from the North Carolina Housing Finance Agency (NCHFA) for its Booker Park North (Raleigh) and Greenfield Commons (Chapel Hill) developments, adding 141 units of high-quality, affordable housing to the marketplace for seniors with limited incomes DHIC was also awarded a 4% tax credit allocation and $20,000,000 in bond volume cap for the acquisition and rehabilitation of Capital Towers in Midtown Raleigh.
Located in rapidly growing, historic East Raleigh and close to downtown, Phase II of DHIC’s Washington Terrace redevelopment, Booker Park North, will offer 72 beautifully designed, affordable apartments (58 one-bedroom and 14 two-bedroom units) for seniors age 62+ in a single residential building. Phase I of this development, The Village at Washington Terrace, will break ground in 2017 and will offer 162 affordable apartments for families. A year-long community engagement process in 2015 led to the master plan for the larger redevelopment of the existing Washington Terrace community, and the City of Raleigh and a number of private foundations have provided financial commitments to execute the multi-year plan.
Greenfield Commons, located off Legion Road in Chapel Hill, will offer 69 apartments for seniors age 55+ (55 one-bedroom and 14 two-bedroom units) in one residential building. The Town of Chapel Hill has donated nine (9) acres for Greenfield Commons and its companion, Greenfield Place, which was awarded a tax credit allocation last year. The Town is providing a $450,000 low-cost loan for Greenfield Commons from its Affordable Housing Development Reserve, adding to investments already made for Greenfield Place. Support from the Town and Orange County has been critical for DHIC to provide affordable apartments to those who are otherwise shut out of Chapel Hill’s high-cost housing market.
“As we expand our affordable housing stock, Chapel Hill is creating a place for everyone,” said Mayor Pam Hemminger. “This project will provide seniors with a new and affordable choice, ensuring they remain a vibrant part of our community.”
Tax credits also will support Capital Towers, a 296-unit affordable seniors community located in Midtown Raleigh that is being acquired and rehabilitated in a joint effort between DHIC and The Presbyterian Homes, Inc. (PHI). The more than $33,000,000 investment will provide much-needed building and site renovations that will improve the quality of life of current and future residents, and maintain this vital affordable housing option. The City of Raleigh is providing a $2.8 million low-cost loan to ensure the project’s success.
“We are very pleased that DHIC could bring these scarce funds to support the preservation or construction of 437 affordable apartments in the Triangle,” said Gregg Warren, DHIC’s President. “Our partnerships with local governments made this possible.”
In total, the North Carolina Housing Finance Agency (NCHFA), the public agency charged with administering the state’s allocation of federal Low-Income Housing Tax Credits, awarded credits to 46 projects in 36 counties in this round. This effort will increase or preserve the affordable housing inventory by 3,243 apartment homes across the state.
“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,” said Warren. “We continue to value our partnership with the NCHFA in this commitment.”
In 2015, more than 3,400 people called one of DHIC’s 37 rental apartment communities “home,” and DHIC’s Homeownership Center counseled more than 400 families through homebuyer workshops or one-on-one counseling, with 100 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.