Housing GSO: HRA Greensboro Affordable Housing Plan

AREAS OF OPPORTUNITY

Additional subsidy will be needed to offset the higher land costs in areas of highest opportunity. Recent 9% LIHTC new construction projects are beginning to locate in mid-tier opportunity areas along the city’s edges, which is a promising development. However, land costs in areas of opportunity are on average more than six times higher on a per acre basis than in areas of Greensboro in which subsidized housing has historically been built. Acquiring a 3.5- acre site, the typical size for a 9% LIHTC new construction project, in an area of opportunity could require an average of $2.5 million in additional subsidy. Greensboro should explore publicly owned sites in and near areas of high opportunity to identify appropriate parcels for developers to target future affordable development. The City can also consider offering additional subsidy to developers interested in developing affordable units in these areas.

Lower Opportunity

Higher Opportunity

9% New Construction LIHTC Award (Since 2015)

Top Quartile Opportunity Tract

Vacant Land

Vacant Land, Zoned Multifamily Publicly-Owned Land

British Woods

WENDOVER AVE

Brookwood Gardens

Friendly Acres

Green Valley

Quaker Acres

Hamilton Forest

Irving Park

Friendly Homes

WENDOVER AVE

Source: City of Greensboro, HUD, Opportunity Atlas, Real Capital Analytics, NCHFA, City of Greensboro, HR&A Analysis

HR&A Advisors, Inc.

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