Triangle affordable housing projects receive federal tax credits

08/19/2014 2:15 PM

08/19/2014 4:28 PM

A total of 48 affordable housing projects in North Carolina were recently awarded federal tax credits, including six projects in the Triangle.

The grants are expected to result in about $423 million in new development and produce 3,683 affordable apartments for families, the elderly and people with disabilities.

The grants were approved by the N.C. Housing Finance Agency and the N.C. Federal Tax Reform Allocation Committee.

Five of the projects are in Wake County: Wood Spring in Fuquay-Varina (48 units), Sycamore Run in Raleigh (42 units), Wakefield Spring in Raleigh (80 units) and The Grande at Granite Falls in Rolesville (74 units) and The Bluffs at Walnut Creek in Raleigh (198 units).

The other Triangle project is Veranda at Whitted School in Durham (79 units.)

Wood Spring, Wakefield Spring and The Grande at Granite Falls will offer housing for the elderly. The other projects are for families.

Wood Spring also received a $500,000 loan from the Housing Finance Agency.

All the apartments developed using the grants must be affordable for people earning 60 percent of the median income in a county. For a family of four in Wake County that amounts to $45,480.

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