Affordable housing gets financial boost
The economy has put stress on affordable housing in Wilmington, but thanks to a multi-million dollar tax credit from the North Carolina Housing and Finance Agency, help is in sight.
Taylor Senior Homes and The Pointe make up two-thirds of Taylor Estates. Thanks to a $ 6.7 million tax credit, housing and economic opportunities, a Wilmington housing authority subsidiary, can now begin construction on the final stage, Taylor West, early next year.
Current residents say the nearly 50 families that will live in the new development will find a great community.
“When you walk outside and you see community areas where you can sit and talk with your friends, like the park benches and the gazebo, when you can walk out an there is grass on the ground and there are pretty flowers and nice trees, those things really help. You know you look forward to coming home everyday,” said Barbara Armstrong, a Taylor Estates resident.
With Taylor West, the Wilmington Housing Authority says it hopes to not only provide the available housing it desperately needs, but also improve the quality of life for it’s residents while becoming a part of the city’s growth.
“It’s really going to continue to enhance this neighborhood. The new police station has made a tremendous impact, so I just think this is another piece of the puzzle that goes towards redeveloping this area in general,” said Mike Krause, director of the WHA.
The tax credit will provide about $ 5 million in construction funds for the twelve building development.
The WHA and a city loan will provide any additional funding needed for the project.
Taylor West will have two, three, and four bedroom apartments and will house almost 250 people.
Leasing for the properties won’t begin until 2011.
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