Construction of 72-unit Complex Begins

SUBSCRIBER CONTENT: July 29, 2016, 12:25pm EDT

Affordable Housing Management Inc. has begun construction of a 72-unit apartment complex earmarked for tenants with low to moderate incomes.

Summer Ridge is being built at 4452 Old Randleman Road with completion expected by July 2017.  The development will consist of one, two and three bedroom apartments.

Greensboro's Weaver Cooke Construction is general contractor for the $9.2 million project.

Rents for the apartments will range from $237 to $705. All the apartments will be affordable for households earning below 60 percent of the area median income and 21 will be affordable for those earning less than 50 percent of that income range. Fifteen units will be available to members of households earning less than 30 percent of the income bracket.

The units are being built through allocations from 2015 federal l housing tax credits, a process overseen by the N.C. Housing Finance Agency. Sale of the tax credits will generate approximately 70 percent of the equity needed to develop the property. That equity is provided by Community Affordable Housing Equity Corp.

In addition to the equity investment, the city of Greensboro and the N.C. Housing Finance Agency are providing below-market-rate loans and Community Investment Corp. of the Carolinas is providing a permanent loan. The construction loan comes from BB&T.

David Levy, executive director of Affordable Housing Management, said being awarded funding through federal tax credits is a highly competitive process.

"It's a big deal for us," he said. "The new apartments will assist with the city's efforts to increase the affordable rental housing stock and help reduce homelessness."

Shopping, restaurants and employment centers will all be within a short distance of the complex, Levy said.

Apartments in Summer Ridge will be certified through the National Association of Home Builders' National Green Building Standard and Energy Star v.3, thus providing extra savings for residents. Levy said the apartments will be attractive, have ample square footage and be Energy Star certified, thus providing residents lower utility bills.

Amenities at the complex will include a community building with management offices, fitness center, computer center, laundry center, community room and attached covered patio. On-site amenities include a playground, covered picnic shelter, picnic areas and bike racks. The apartments will have self-cleaning ranges, refrigerator s with ice makers, dishwashers, pantries, washer/dryer connections and ceiling fans.

Affordable Housing Management is a nonprofit organization with a goal to provide quality affordable rental housing for members of low to moderate households, including the elderly and disabled.

Steve Huffman, Reporter

Triad Business Journal