AFFORDABLE HOUSING MANAGEMENT ANNOUNCES OPENING OF 72 NEW AFFORDABLE APARTMENT HOMES IN GREENSBORO

GREENSBORO, NC – Affordable Housing Management, Inc. (“AHM”) announces it has completed construction of Sumner Ridge, a development consisting of seventy-two affordable apartment homes with one, two and three-bedrooms.  The development will hold a Ribbon Cutting on Thursday, November 9, 2017 at 2:00 p.m.  Keynote speakers are Mayor Nancy Vaughan, NC Representative Jon Hardister, and NC Representative Almos Quick.

Sumner 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 generated approximately seventy percent of the equity to develop the property.  That equity was provided by Community Affordable Housing Equity Corporation (“CAHEC).  In addition to the equity investment, the City of Greensboro and NCHFA provided below market rate loans and Community Investment Corporation of the Carolinas (“CICCAR”) provided a permanent loan. The construction loan was provided by Branch Banking & Trust Company (“BB&T”).   

The 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.  

Sumner Ridge apartment homes are certified under the National Association of Home Builders’ National Green Building Standard and received Silver level.  Energy Star v.3 provides additional savings for residents.

David Levy, Executive Director of Affordable Housing Management, Inc, states, “The new apartment homes are very attractive, have ample square footage and be Energy Star certified providing reduced electric rates. The reduced electric rates and below market rents provide extremely affordable homes with shopping, services, restaurants, and employment centers, all within a short distance.  The seventy-two new apartment homes assist with the City’s efforts to increase the affordable rental housing stock and help reduce homelessness.”

Amenities 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 and all units include; self-cleaning ranges, refrigerators with ice makers, dishwashers, pantries, washer/dryer connections, ceiling fans, and abundant closet and storage space.

AHM, 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,  email info@ahmi.org or visit www.ahmi.org.

Pictured from left to right:  Alec Wrenn (AHM Board), Amos L. Quick, III (NC House Representative), David Levy (AHM), Jon Hardister (NC House Representative), Kathy Carpenter (AHM Board) & Chester H. Brown, III (AHM Board)