Winston-Salem Dishes an Assist for 115 Unit Apartment Development

January 4, 2016 at 2:13 pm 1 comment

The Winston-Salem City Council voted at it’s last meeting in December to provide financial assistance for a 115-unit apartment development:

An proposed 115-unit apartment project downtown received an assist from the city Monday when the Winston-Salem City Council approved $1.25 million in loan financing…

Laurel Street Residential LLC of Charlotte and Goler Community Development Corp. based here are teaming up to develop the site, which is on a dead-end section of North Chestnut Street just south of Martin Luther King Jr. Drive.

A key part of the plan is a provision for what is called affordable or workforce housing: Dwellings for households that make 80 percent of the average area median income.

The complex is planned to have 14 studio units, 83 one-bedroom units and 18 two-bedroom units.

Rents on the market-rate units will range from $1,045 to $1,445 a month. Rents will be lower on the affordable housing units: $757 a month for the studio units and $841 a month for 15 one-bedroom units…

The developers are agreeing to set aside 25 percent of the apartments for affordable housing during the first 10 years of the life of the development, and 15 percent of the apartments for a 20-year period after that.

Advertisements

Entry filed under: Affordable Housing, Apartment Construction, Government Affairs, Piedmont Triad Apartment Market, Winston-Salem. Tags: , , , .

Ashley Oaks Undergoing Renovations Five Triad Apartment Communities Start 2016 Under New Ownership

1 Comment Add your own

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Calendar

January 2016
S M T W T F S
« Dec   Feb »
 12
3456789
10111213141516
17181920212223
24252627282930
31  

Most Recent Posts


%d bloggers like this: