Dominium, a leading affordable housing developer, owner and manager, announced that it has acquired Magnolia Pointe, a 266-unit multifamily housing community in Durham, North Carolina.
Renovation plans include upgrades to the building exteriors, unit interiors, clubhouse, outdoor amenity spaces, landscaping and more. Originally constructed in 2006 using the 4% Low-Income Housing Tax Credit (LIHTC) program, Magnolia Pointe comprises 15 garden-style residential buildings, offering one-, two- and three-bedroom apartment homes each featuring private balconies or patios.
Nationwide, LIHTC remains the largest source of construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and managers agree to maintain rents at levels tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market through the simple fact of increasing the supply of affordable housing…