Capital Towers, a 298-unit apartment complex for seniors near North Hills, is being acquired by two nonprofits.
DHIC, a Raleigh-based affordable housing developer, and The Presbyterian Homes, a Colfax-based manager of senior communities, announced Monday that they will acquire Capital Towers and rehabilitate the property.
The $33 million project includes spending $17 million to improve the common areas, mechanical systems and energy efficiency of one- and two-room apartments spread across two towers.
Built in 1973, Capital Towers is Raleigh’s largest affordable housing complex for seniors. The average age of its residents is 77, and about a quarter of all residents receive assistance from the Raleigh Housing Authority or the Wake County Housing Authority.
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DHIC and Presbyterian Homes plan to finance the project using tax-exempt bonds and low-income housing tax credits from the NC Housing Finance Agency. The Raleigh City Council on Tuesday also approved $2.8 million in subordinate financing for the project.
The Presbyterian Homes will provide an on-site social worker as the project moves forward to offer medical and mental health support, crisis intervention and to help residents enroll in entitlement programs.
DHIC is also handling the redevelopment of Washington Terrace in East Raleigh.