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09/27/21
AHM, Inc. Begins Construction of 84 Affordable Apartment Homes in Greensboro

AFFORDABLE HOUSING MANAGEMENT BEGINS CONSTRUCTION OF 84 AFFORDABLE APARTMENT HOMES IN GREENSBORO

Press Contact: David B. Levy, AHM Executive Director, 336-273-0568 or dlevy@ahmi.org

GREENSBORO, NC – Affordable Housing Management, Inc. (“AHM”) announces it has started construction of Redhill Pointe at 2931 W. Vandalia Road, a development consisting of eighty-four affordable apartment homes with one, two and three-bedrooms.  

Redhill Pointe received an allocation of 2020 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 sixty percent of the equity to develop the property.  That equity is being provided by Community Affordable Housing Equity Corporation.  Centrant Community Capital is providing a permanent loan and in addition, the City of Greensboro and NCHFA are providing below market rate permanent loans. The construction loan is being provided by Truist Bank.   

The rents are multi-level ranging from $283 to $785 and is affordable for households earning 30% (21 units), 50% (23 units), and 60% (40) of the area median income.

Redhill Point apartment homes will be certified under the National Association of Home Builders’ (NAHB) National Green Building Standard (NGBS) and Energy Star v.3.  AHM was recently named a 2020 NAHB NGBS Partner of Excellence in recognition of its leadership, excellence, and innovation in promoting third-party certification to the NGBS.

David 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 better energy efficiency and performance resulting in lower utility and maintenance costs. The reduced electric cost and below market rents will provide extremely affordable homes near shopping, restaurants, services, major roads, and employment centers. Hester Park, a large City Park offering many recreational amenities, is located across the street. The eighty-four new apartment homes will greatly assist the City’s efforts to increase the affordable rental housing stock and help reduce homelessness.”

Redhill Pointe is scheduled for completion in the summer/fall of 2022. Amenities include a community building with management offices, fitness center, laundry center, resident community room, and attached covered patio.  Exterior amenities include a 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 patios/porches, self-cleaning ranges, refrigerators with ice makers, dishwashers, pantries, washer/dryer connections, ceiling fans, vinyl plank flooring, and plentiful closet and storage space.

AHM, formerly known as Greater Greensboro Housing Foundation, is a fifty-one-year-old 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, Greensboro.  For more general information on AHM, call 336.273.0568 Ext. 127, email info@ahmi.org or visit www.ahmi.org.  For occupancy information call 336.708.3203 or visit the above listed website.

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