HACG Receives the SERC Development Award!
The project consisted of 2 property acquisitions and sites. Site 1 was Walnut Street School Apartments - a tax credit project previously owned by a local community action agency that had fallen into disrepair. Site 2 was a property that was bought at auction. Both properties were in desperate need of design and development. HACG became one of only 2 PHAs in North Carolina to utilize HUD's OFFP Program.
The innovative financing structure allowed HACG to create 77 newly renovated apartments for public housing that have no long-term debt, no traditional financing, and are planned to have minimal maintenance needs for the next 15-30 years.
Much thought was given to the functionality and quality of the units. The units are equipped with stainless steel appliances, LED lighting, energy-efficient appliances, improved energy-efficient laundry facilities, more open floorplans, preserved hardwood flooring, LVP flooring, and colorful details.
Walnut Street School Apartments includes an old school building where care has been taken to preserve some of the ambiances of the school itself in the older building. Large picture windows, transoms, hardwood flooring, a brick exterior, and a redesigned community space are just some of the features that were retained.
This is the preservation of affordable housing without the burden of debt at a per-unit cost of $75,000-$100,000 - a substantial accomplishment!