Winston-Salem Council Approves Financing for Affordable Housing Project

August 20, 2014 at 2:03 pm Leave a comment

From the Winston-Salem Journal:

The Winston-Salem City Council approved a land sale and financing arrangements with Goler Community Development Corporation on Monday as a way to give support to the constructions of affordable housing close to downtown…

Goler has a deal with Laurel Street Residential, based in Charlotte, to develop 135 apartments on the property, representing a $12 million investment that will have a taxable value of $9 million…

Under the agreement between the city and Goler, for 15 years at least half of the apartment units must have rents that people making 80 percent of the area’s median income can afford.

Officials said the apartments would be studio, one- and two-bedroom units, with most units having a monthly rent of $600 to $900.

After 15 years, Goler would have to designate at least 15 percent of the apartment units for affordable incomes over the following 15-year period, making 30 years in all…

In a separate matter, the council also approved a loan to the Housing Authority of Winston-Salem that will help the authority convert the old Brown Elementary School site on Highland Avenue to low-income rental housing for the elderly…

The city’s loan of about $320,000 to the Housing Authority of Winston-Salem will be helping the authority acquire the Brown Elementary School site at 1125 Highland Avenue and begin converting the property into 120 units of rental housing for the elderly.

 

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Entry filed under: Affordable Housing, Members in the News, PTAA Members in the News, Winston-Salem. Tags: , , , .

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