Home / Program Offices / Housing / Multifamily / Veranda at Whitted School
Before
[Veranda before]
 
PROPERTY HIGHLIGHTS
  • Durham, NC
  • 79 units
  • Affordable and Seniors
ORIGINAL USE
  • Built in 1921 as an Elementary School
YEAR BUILT
  • Completed in 2018
FHA ROLE
  • 221(d)(4) financing
  • 50 Section 8 Project Based Vouchers
HIGHLIGHTS
  • Linked Preschool and Seniors housing with program support
  • LIHTC
  • Historic Tax Credits
  • AHP Loan
 
After
[Veranda after]
Multifamily Housing: Southeast Region
ADAPTIVE REUSE WITH FHA FINANCING
VERANDA AT WHITTED SCHOOL
DESCRIPTION OF PROJECT
  • This project was designed to be a catalyst of revitalization for the surrounding neighborhood and includes a preschool that is linked to elderly and youth development programs.
  • 79-unit, three story garden style, mixed use project that includes a preschool to be operated by Durham Public Schools.
  • 47 rental units are in a converted 1921 school building, and 32 units are in a new construction building, connected to the main building via a corridor.
  • Restricted to Seniors aged 62+, who earn up to 30 and 60 percent of AMI. 50 of the units will have Project-Based Vouchers.
  • Property was built in 1921, with an addition in 1950. It served as a high school, elementary school, and finally a junior high before closing in the 1970ā€™s.
  • Experienced and well capitalized sponsor and support of the City and County of Durham through subordinate loans.
FINANCING STRUCTURE

Sources of funds include:

  • FHA 221(d)(4) Substantial Rehabilitation Loan ($2.9 MM)
  • City Loan
  • County Loan
  • Durham Public School Funding
  • Federal Low Income Housing Tax Credit Equity
  • State Tax Credit (Loan)
  • Federal Historic Tax Credit Equity
  • Affordable Housing Program Funds

Total Construction Cost: Approx. $12 MM

Scope of Work includes:

  • Renovation and adaption of existing historic buildings
  • Ground level renovated for preschool, multifamily on upper levels
  • Addition of accessible front/back elevator to the existing building
  • New three story multifamily building built to connect to the 1921 building
  • Entire project to be equipped with a new sprinkler system
 

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