HOUSING MANAGEMENT BEGINS CONSTRUCTION OF 72 AFFORDABLE APARTMENT HOMES IN
Contact: David B. Levy
NC – Affordable Housing Management, Inc. (“AHM”) announces it has started
construction of Sumner Ridge, a development consisting of seventy-two
affordable apartment homes with one, two and three-bedrooms.
Ridge received an allocation of 2015 Federal Housing Tax Credits through a
highly competitive application process by the North Carolina Housing Finance
Agency (“NCHFA”). The sale of the tax credits will generate
approximately seventy percent of the equity to develop the property. That equity is being provided by Community
Affordable Housing Equity Corporation (“CAHEC).
In addition to the equity investment, the City of Greensboro and NCHFA
are providing below market rate loans and Community Investment Corporation of
the Carolinas (“CICCAR”) is providing a permanent loan. The construction loan
is being provided by Branch Banking & Trust Company (“BB&T”).
rents are multi-level ranging between $237 and $705, with all apartment homes
affordable for households earning below sixty percent of the area median income
(“AMI”). Twenty-one units are affordable
for households earning below fifty percent of AMI and fifteen units are
affordable for households earning below thirty percent of AMI.
Ridge apartment homes will be certified under the National Association of Home
Builders’ National Green Building Standard and Energy Star v.3 providing additional
savings for residents.
Levy, Executive Director of Affordable Housing Management, Inc, states, “The
new apartment homes will be very attractive, have ample square footage and be Energy
Star certified providing reduced electric rates. The reduced electric rates and
below market rents will provide extremely affordable homes with shopping,
services, restaurants, and employment centers, all within a short distance. The seventy-two new apartment homes will
assist with the City’s efforts to increase the affordable rental housing stock
and help reduce homelessness.”
include a community building with: management offices; fitness center; resident
computer center; laundry center; resident community room; and attached covered
patio. Exterior amenities include:
playground; covered picnic shelter; multiple picnic areas; and bike racks. The two and three bedroom apartment homes
each will have two full bathrooms; self-cleaning ranges, refrigerators with ice
makers, dishwashers, pantries, washer/dryer connections, ceiling fans, and
abundant closet and storage space.
formerly known as Greater Greensboro Housing Foundation, is a private nonprofit
organization whose goal is to provide quality affordable rental housing for low
to moderate income households, including the elderly and disabled. AHM’s goals are
accomplished through the development and management of affordable apartments
for those households. AHM is located at 330 South Greene Street, Suite B-11. For more information on AHM, call 336.273.0568
Ext. 126, email email@example.com or visit www.ahmi.org.