Water Garden Dedicated at NeighborWorks Week Event

Raleigh, N.C. – Wake County’s largest non-profit affordable housing developer, DHIC, Inc., is celebrating the completion and dedication of Water Garden, a $22 million, two-phase, intergenerational community off Glenwood Avenue in northwest Raleigh. The redevelopment of the Water Garden property, which was formerly owned and stewarded by Raleigh architect Dick Bell, now features 148 affordable apartments for seniors and families designed with sustainability and healthy living principles in mind.

The NeighborWorks® Week event and community celebration will be held on Saturday, June 7, 2014, from 11 a.m. to 2 p.m., at 8441 Mount Valley Lane, Raleigh, NC, 27613. The free outdoor event will feature three food trucks: Dang Dogs, D’Burritos Fresh Mex, and Kona Ice; music by DJ Ivan Hollway; a photo booth by Endless Expressions; door prizes and more. Confirmed speakers include Bob Kucab, Executive Director, N.C. Housing Finance Agency; Caroline Sullivan, Wake County Commissioner; Russ Stephenson, At-large, Raleigh City Council; Dana Boole, Executive Director, CAHEC; and Colette Pozzo, Senior Relationship Manager, NeighborWorks America. Two residents will also speak and apartment tours will be available. A complete agenda is attached.

“We are thrilled to have brought together local government partners and public and private investors to ensure the Water Garden property could remain a community asset for years to come,” said Gregg Warren, DHIC’s President. “Finding affordable housing in this part of Raleigh near shopping and employment centers is critical for working families and fixed-income seniors alike, and Water Garden fits the bill.”

Located in the City of Raleigh’s highest priority area for affordable housing, Water Garden features two rental apartment complexes:

Water Garden Village a 60-unit community that offers one-, two-, and three-bedroom apartments for individuals and families with incomes less than 60% of the area median ($45,480 for a family of 4). The complex opened in November 2012 and is LEED Gold and Energy Star certified. Sustainable features include high-SEER HVAC equipment, low-flow plumbing fixtures, drought-tolerant landscaping, high-efficiency water heaters, green label plus carpets, no-VOC paints and Energy Star lighting and appliances. The $10 million project was built with funding from the City of Raleigh, Wake County, PNC and equity raised from a Low Income Housing Tax Credit award from the N.C. Housing Finance Agency.

Water Garden Park features 88 affordable apartments for seniors age 62+ and opened in January 2014 and is also on track to be LEED Gold and Energy Star certified. The $12.1 million project was financed using tax-credits awarded by the NC Housing Finance Agency and financing from the City of Raleigh, Wake County, the Community Affordable Housing Equity Corporation (CAHEC), and Wells Fargo Bank. Raleigh-based nonprofit Resources for Seniors provides coordination for residents who need help getting connected to services, such as health care and social services.

In addition to the two apartment complexes, Water Garden features a community building, playground, and access to green space. The entire community is smoke-free to further promote clean and healthy living. Both phases feature on-site management, fitness rooms, laundry facilities, business centers with free internet access and commons spaces.

“Building green is extremely important to DHIC,” says Warren. “We seek to provide our residents with a healthy living environment in a beautifully designed community that also includes affordable rent and utilities.”

The development team for both projects included JDavis Architects, PLLC, Withers and Ravenel, Southern Energy Management and Harold K. Jordan & Co., Inc.

About NeighborWorks® America
DHIC, Inc. is a member of the national NeighborWorks® network, which was created to improve homeownership opportunities for low- and moderate-income families, provide financial education and improve financial literacy, rebuild and repair properties; develop affordable multi-family units, and use innovative strategies to improve safety and revitalize communities across the nation. NeighborWorks® organizations receive grants, training, technical assistance and other programmatic support and services from NeighborWorks® America, which provided more than $1.5 million across four phases of the Highland Village development.

About DHIC, Inc.
Based in downtown Raleigh, DHIC, Inc. has built or rehabilitated nearly 2,100 affordable rental apartments and 400 homes for sale in the greater Research Triangle area. In addition, DHIC’s Homeownership Center provides homebuyer education and advisory services to close to 300+ first-time homebuyers annually.