• 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 1970’s.
• Experienced and well capitalized sponsor and support of the City and County of Durham through subordinate loans.

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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