Before
![[Veranda before] [Veranda before]](/sites/dfiles/Housing/images/Veranda_before.jpg)
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 Divine after] [Veranda after]](/sites/dfiles/Housing/images/Veranda_after.jpg)
Multifamily Housing: Southeast Region
ADAPTIVE REUSE WITH FHA FINANCING
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 1970’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