2015, 2:33pm EDT Updated Jul 27, 2015, 3:54pm EDT
Kristin Zachary Reporter Triad Business Journal
Courtesy of Affordable Housing
Construction is underway for Hope
Court, a 16-unit complex in Greensboro.
Construction has started on a
16-unit apartment community, and rehabilitation efforts are underway at another
complex — with both projects geared toward providing Greensboro residents with
quality affordable housing.
Hope Court, a 16-unit complex, is
underway at 3701 Hope Court, located near the intersection of Gate City
Boulevard and Holden Road, according to a news release issued by Affordable
Housing Management Inc. It will offer one-, two- and three-bedroom nonsmoking
apartments affordable to individuals and families earning below 50 percent of
the area's median income.
The total development cost is
expected to be about $2.1 million.
David Levy, AHM executive director, says the homes will be attractive
and Energy Star certified, which will provide reduced electric rates for the
"The reduced electric rates and
below-market rents will provide extremely affordable homes with public
transportation, shopping, services, restaurants and employment centers, all
within walking distance," he said. "The 16 new apartment homes will
assist with the city's efforts to end homelessness and to increase the
affordable rental housing stock."
Six units are expected to be
reserved for households with a disabled or formerly homeless member, according
to the release. In addition, supportive services — including classes in
nutrition and budgeting, along with how to take care of the apartment unit —
will be offered to residents by the United Way of Greater Greensboro and the
Greensboro Housing Coalition.
"Building more affordable
housing is crucial to Greensboro's long-term growth and community health,"
said Brett Byerly, GHC executive
director. "Developments such as Hope Court that emphasize energy
efficiency, proximity to food and infrastructure, and connection to supportive
services for residents are crucial to both resident and community
The project is funded by the city of
Greensboro, the North Carolina Housing Finance Agency Supportive Housing
Development Program and AHM, according to the release. Grants also were
provided by Federal Home Loan Bank of Pittsburgh, the Wells Fargo Foundation,
Community Foundation of Greater Greensboro and the Lookout Foundation.
AHM also is working on a
rehabilitation project at one of its existing apartment communities.
That 44-unit one- and two-bedroom
community, Berryman Square, is located in northeast Greensboro and will feature
several upgrades, including energy-efficient appliances, HVAC equipment, new
lighting, new floor plans, new kitchens and bathrooms, new exterior siding and
doors, according to the release.
Some areas of asphalt will be
converted to green space, according to the release, and new amenities will
include a playground, picnic areas and a new community building that features a
management office, laundry room and a general purpose room with a computer lab
The complex will have mixed income
limits with rent and utilities affordable to households earning 50 percent and
60 percent of the Area Median Income, the release said. Five units will be
targeted to disabled households.
AHM is completing the work in phases
to minimize resident relocation, and the rehabilitation is expected to be
completed early next year. Total cost is expected to total just more than $5
It was funded with federal
low-income housing tax credits awarded by the NCHFA, a city of Greensboro loan,
a state rental production loan and a first mortgage loan from the Community
Investment Corp. of the Carolinas.
Both projects are expected to be
certified under the National Association of Home Builders' National Green