In October 2016 the voters of Greensboro approved a $126 million bond package which included $25 million in affordable housing bonds, so it is somewhat appropriate that the ribbon cutting for the first multi-family project funded by those bonds is in October.
The ribbon cutting for Ryan Ridge Apartments at 4410- 4412 Rehobeth Church Road is Friday, Oct. 25 at 10 a.m.
Ryan Ridge is a 60 unit apartment complex with one, two and three bedroom apartments that are affordable for households under 60 percent of area median income.
The total cost of the project was about $8 million and $880,000 of that is a loan from the city made possible by the 2016 housing bonds. The North Carolina Housing Finance Agency (NCHFA) also participated in the financing with Low Income Tax Credit Funds (LITCF).
Originally the project was approved for $573,000 in funding from Greensboro but uncertainty in the LIHTC markets reduced the value of the tax credits requiring an increase in the bank loan, NCHFA and city funding.
The $880,000 from the city is a 20 year loan at .5 percent interest which means in the future those funds can be loaned out for another project.
The city originally approved funding the project in May 2017 which gives an idea of how long it takes to put the financing for this type project together and get construction underway.
The City Council has placed a lot of emphasis on building more affordable housing and having the first multifamily project funded by the 2016 bonds opening is quite a milestone.
