GREENSBORO, N.C. -- Earlier this month, Greensboro City Council passed $126 million in bond items that will be on the ballot in November.
One of the projects the city is looking to tackle is housing.
The need for affordable housing has not only been on the city's list for some time now, but it's been on a local developer's radar too.
For anyone who drives down Old Randleman Road in Greensboro, it’s hard to miss the construction trucks moving in and out of a developing piece of land.
“We purchased this land back in 2008, 2009 and been trying to get funding for it ever since,” said David Levy, executive director for Affordable Housing Management, Inc.
Recently, the developer began work on what will be dubbed Sumner Ridge. It’s a 72-unit apartment complex catered towards moderate and low-income income people.
"We are going to have nine residential buildings,” Levy pointed out.
"The need is so great in Greensboro and in the whole state, as well as the country for affordable housing,” he said.
The hope is to put a dent in Greensboro affordable housing market.
"We have a seven to 10 year time frame. We would be able to impact over 1,000 housing units,” said Barbara Harris, Greensboro’s director of Housing and Neighborhood Development, as she scrolled the bond list.
Out of the $126 million worth of bond items that are on the ballot for the upcoming election, the city has slated $25 million to go towards affordable housing.
Here’s the breakdown:
- $8 million will go towards grants and loans to build low-income housing.
- $4 million to loans to build or refurbish homes in east Greensboro.
- $3 million apiece to repair dilapidated units and develop more affordable housing like the ones in Sumner Ridge.
- $3 million altogether for emergency repairs and loans to refurbish homes
- $2 million to upgrade homes for handicapped tenants and loans for qualified home buyers.
- Another $2 million for housing for homeless, disabled and veterans.
It would allow us to serve households up to 140 percent of area medium income. That’s significant,” Harris said.
"It will give developers, such as the affordable housing management in Greensboro, a little bit of a leg up,” Levy said.
The Sumner Ridge apartment complex will be complete next summer.
The city says while east Greensboro is a target area for housing, the bond, if passed, could impact the entire city.