Durham News

Budget to rebuild

As if to symbolically put the past behind it, in 2011 the city administration began designating the overall Rolling Hills-Southside project as “Southside,” with the Rolling Hills portion “Southside East” and the existing Southside neighborhood “Southside West.”

Southside East has three phases. The first is 132 apartments, the second, 79; the third is yet to be planned. Southside West costs are presented as a single package. As presented to the City Council June 7, the city’s projected total Southeast East cost as $16,815,179 over five years; that for Southside West, $11,565,746.

Some terminology:

Section 108: An $8.8 million loan from the federal government

CITY: Revenue from city housing-bond loans

FED: Federal grant programs

PENNY: One-cent property-tax rate increase

STIMULUS: Federal stimulus money

SOUTHSIDE EAST (ROLLING HILLS)

Phase 1 site prep: $6,000,392 from Section 108, CITY

Remaining site prep: $1,739,468 from Section 108, FED, CITY PENNY

Phase 1 loan to McCormack Baron Salazar: $4,300,000 from CITY and FED

Phase 2 loan to McCormack Baron Salazar: $3,199,069 from CITY and FED

Debt service on Section 108 loan: $1,576,250 from FED

SOUTHSIDE WEST

Property acquisition: $3,225,000 from Section 108, PENNY, CITY

Design & engineering: $428,650 from CITY

Site prep: $2,172,330 from Section 108, CITY, FED, PENNY

Demolition: $2,300,000 from STIMULUS, PENNY

Homeowner incentives: $1,354,450 from FED, CITY

Homebuyer loans & aid: $1,200,000 from FED

Resident relocation: $250,000 from CITY

Social services: $250,000 from FED

Housing rehab/replacement: $1,660,566 from FED, PENNY

Debt service on Section 108 loan: $848,750 from FED

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