FY2019-20 Neighborhood Development Annual Report

Muirs Landing * City fnancing: $900,000 | Total cost: $10.79 million A 72-unit apartment complex located at 4803 Kenview St., was awarded City funds in addition to NC Low Income Housing Tax Credit (LIHTC) funding. Muirs Landing consists of one-, two-, and three- bedroom apartment units. Construction began in May 2019, was

completed in July 2020, and is now leasing. Developer: Afordable Housing Management Inc. Rents: $259-$740 per month Elmsley Trail * City fnancing: $750,000 | Total cost: $8.5 million

A 60-unit apartment complex located at 518-522 Kallamdale Rd., was awarded City housing bond funds in addition to receiving NC LIHTC funding. Elmsley Trail consists of one-, two-, and three-bedroom apartment units. Construction began in May 2019, was completed in fall 2020, and is now leasing. Developer: MC Morgan & Associates Rents: $265-$750 per month A multi-family feature of the historic Printworks Mill rehabilitation located at 1700 Fairview St. Construction began on the 217 one- and two-bedroom units in September 2018 and apartments are now being leased. Printworks is fnanced with City housing bond funds and NC LIHTC funding. The 470,000-square-foot building delivers mixed-income apartments, interior parking, retail space, and self- storage facilities in addition to a wide array of amenities, including an extension of the recently built North Bufalo Creek Greenway. Developer: Alexander Company Rents: $551-$803 per month for units assisted with City and state funds; up to $1,376 per month for market-rate units Printworks Lofts * City fnancing: $1.2 million | Total Cost: $56 million

Richardson Village * City fnancing: $431,866 | Total cost: $3.12 million

An existing multi-family property of 24 two-bedroom townhouse-style units located at 600 Dewitt St. Rehabilitation began in June 2020 and is scheduled to be complete in January 2021. Developer: Beacon Management Rents: $591-$690 per month

*All rents are below 60 percent area median income. The rent ranges are subject to change by the property owners.