The Greensboro City Council has set the facilitating of more affordable housing as one of its primary goals, and Monday, Sept. 27, it was announced that more affordable housing is on its way.
Affordable Housing Management Inc. (AHM) announced that it has started construction of 84 affordable apartment units at 2391 W. Vandalia Road.
The apartments will be one, two and three bedrooms in the Redhill Pointe community.
The Redhill Pointe development received federal housing tax credits through the North Carolina Housing Finance Agency (NCHFA) in a highly competitive process. The sale of those tax credits generated about 60 percent of the cost of developing the property. Both the City of Greensboro and NDHFA are providing below market rate loans for the project.
Executive Director of AHM David Levy in a press release said, “The new apartment homes will be very attractive, have ample square footage and be Energy Star certified providing better energy efficiency and performance resulting in lower utility and maintenance costs. The reduced electric cost and below market rents will provide extremely affordable homes near shopping, restaurants, services, major roads and employment centers. Hester Park, a large city park offering many recreational amenities, is located across the street. The eighty-four new apartment homes will greatly assist the City’s efforts to increase the affordable rental housing stock and help reduce homelessness.”
The completion date for Redhill Pointe is late summer or fall of 2022 and the community will include amenities such as a community building with management offices, a fitness center, a laundry center, a community room and a covered patio. The community will also include a playground, a covered picnic shelter along with multiple picnic areas and bike racks.
The rents will be multi-level ranging from $283 to $785 per month and 21 units will be for those with incomes at 30 percent of the area median income, 23 units for those at 50 percent of the area median income and 40 units for those at 60 percent of the area median income.