RALEIGH, NC – Preservation of Affordable Housing (POAH) has closed on financing to renovate 50 affordable rental apartments in duplex apartment buildings on Garner Road in Raleigh, North Carolina. POAH purchased the property with support from Wake County with the goal to preserve existing affordability and prevent displacement of residents. The property was a former Low-Income Housing Tax Credit (LIHTC) project approaching the end of its 30-year affordability covenant. The Raleigh Housing Authority made Project Based Vouchers available to tenants to support the ongoing operations of the housing and ensure that rents remained affordable.
Given the age of the property and functional obsolescence of building systems and components, a comprehensive renovation was proposed by POAH, which was awarded funding from the City of Raleigh and Wake County to leverage 4% Low Income Housing Tax Credits (LIHTC) along with tax-exempt bonds for the improvements.
“This is POAH’s first acquisition in North Carolina and we look forward to partnering with the City and County and local groups working to preserve this community and expand affordable housing in the state,” said POAH President/CEO Aaron Gornstein. “We also look forward to introducing a range of community-based services for residents that will help them advance their personal goals whether it’s finding a new job, completing a degree or gaining financial literacy and security.”…