A public-private partnership between the City of Greensboro and other development partners has led to an upcoming grand opening and ribbon-cutting ceremony for a new Greensboro apartment home community.
Trinity Housing Development LLC, Central Developers LLC and Halcon Companies LLC developed the 84-unit community for low- and moderate-income families, with financing help from Merchants Capital, the City of Greensboro and the NC Housing Finance Agency.
City leaders and those who took part in the project are inviting area residents to take part in the festivities, which will kick off at 12:30 p.m. on Monday, July 29 at the Lofts at Elmsley Crossing at 420 Kallamdale Road in Greensboro.
Due to the issues regarding homelessness, the skyrocketing price of real estate, the new jobs coming into Greensboro and Guilford County, as well as other factors, there’s been a real shortage of affordable housing and there has subsequently been a desire to build more, so, the city leaders is of course pleased to see 84 new housing units open up.
The pressure to provide more housing – especially affordable housing – is one factor that led the NC General Assembly to vote to approve a requested de-annexation of about 980 acres from the Town of Summerfield so that developer David Couch could build a large new residential community at a density greater than many in that town wanted.
In Greensboro, the Lofts at Elmsley Crossing community was built with an allocation of just over $2.5 million of City of Greensboro HOME funds, about $3.4 million in loans from the Housing Finance Agency and roughly $3.5 million in conventional financing through Merchants Capital.
Merchants Capital also provided more than $9.4 million in equity in the purchase of housing tax credits and the construction loan for the development.
The total cost of the project came in just under $20.4 million.
Five percent of the units at the Lofts at Elmsley Crossing are fully handicapped accessible. An additional five percent were designed for those with mobility impairments.
There are a mix of one- two- and three-bedroom garden-style apartments at the complex.
Traci Dusenbury Tate, Halcon development coordinator, said this is a much needed project that will help a lot of people.
“The partnership was a win-win situation for everyone,” Tate said. “It enabled us to provide high-quality workforce housing for families who need an affordable place to live. We were pleased to be part of such a wonderful public-private partnership with the City of Greensboro, the NCHFA and Merchants Capital.”
According to Cynthia Blue, the assistant director of housing and strategy for the City’s Housing and Neighborhood Development Department, Greensboro currently has a housing shortage, and investments like this one are needed to help meet the goals of the Housing GSO 10-year plan.
84 units won’t even reduce the demand by one bit. Free enterprise can address this problem with the added cost of govt meddling.
&204 million to build 84 apartments? Definitely a win for someone
Hurrah! for this project and creative financing. We citizens can actually see our tax dollars in this project
But are they going to vet the people that are moving in? This is only one block from the now dangerous Randleman Road area where you can get shot from stray bullets just going to Food Lion.
Only 2.4 million dollars for each unit!
I’ll do it for 2.3 mil, and you don’t have to pay me off.
‘affordable’ sans $’numbers’. who could possibly dream the homeless could be ‘housed’ at this cost level ! dreamers n schemers n politicians n trust funded n . . .
Summerfield would be an excellent place for low income apartment complex, there is a lot of vacant land there and it is available. Everyone needs a place to live, Mr. couch are you listening?
Mr. couch are you listening? That land that you just had rezoned, That would be excellent property for low housing apartment units. Please help people that need help.
Couch’s land is no longer in Summerfield. Couch is a snake and so is his rich attorney, Tom Terrell. Terrell owns a large farm. He has gotten rich by representing developers. He is a partner with Fox Rothschild, a law firm that does a lot of work for the city of Greensboro, and he is well known in municipal circles. He is accustomed to getting what he wants. Terrell has no credibility to speak for anyone. He is a typical Democrat who thinks he has all the answers. I personally could not believe a word he said. Mr. Tom, why don’t you develop your “family” farm?