Affordable Housing Management has announced a major rehabilitation project to provide more affordable housing for Greensboro.
The Greensboro City Council has listed “affordable housing” as one of its main priorities for years, and the current list of priorities developed over a two-day retreat by the council lists, “Adequate supply of attainable housing options.”
This project is the rehabilitation of Southwoods at 2307 Columbus St., a development of 59 studio apartments that was originally developed in 1997 and since then has been providing affordable housing for mostly single adults, many of whom were formerly homeless or are disabled.
In 2022, the City Council allocated just over $2 million in funds freed up by American Rescue Act money to the rehabilitation project for Southwoods. Funding for the project also is also coming from Low Income Housing Tax Credits from the North Carolina Housing Finance Agency, the Community Affordable Housing Equity Corporation, Centrant Community Capital and Truist Bank.
When completed, the rent for the apartments will be $485 a month and will be limited to occupancy by households earning no more than 50 percent of the area median income (AMI).
The rehabilitation will be certified under the National Association of Home Builders’ National Green Building Standards and Federal Energy Star Programs.
Executive Director of Affordable Housing Management Inc. David Levy said in the press release, “This major rehabilitation of Southwoods will enable the property to provide much needed affordable housing at an increased level of energy efficiency resulting in lower utility and maintenance costs. The reduced electric cost and below-market rents will provide extremely affordable studio apartments near shopping, restaurants, services, major roads, public transportation and employment centers. These units will greatly assist the City’s efforts to address the affordable rental housing crisis and help reduce homelessness.”
The Southwoods rehabilitation project is scheduled to be completed by the end of 2024 and will include expanding the community building, a new parking lot, new exterior lighting, new landscaping with a picnic area and bike racks, new siding, roofs, windows, doors and refreshed interiors that include mechanical systems, kitchen and bathroom fixtures and interior finishes.