Raleigh, NC – New affordable housing with modern amenities is about to spring up east of Downtown Raleigh.
A groundbreaking celebration at Washington Terrace will be held on Tuesday, Oct. 24, at 11:30 a.m. at 500 Hill St. This will kick off the building phase of a multi-phase redevelopment plan for Washington Terrace that includes two affordable apartment communities, The Village at Washington Terrace and Booker Park North at Washington Terrace. In addition, there will be a new community building and child care center.
DHIC Inc., Wake County’s largest not-for-profit affordable housing developer, is constructing the new units at Washington Terrace.The City of Raleigh is a partner in funding the project, providing $8.6 million in gap financing. This includes funds derived from the 1-cent increase in the property tax rate for affordable housing that was approved by the City Council in 2016.
The Village at Washington Terrace is being financed with 4 percent tax credits and multifamily housing revenue bonds. It is the first project to receive City funding under the Affordable Housing Improvement Plan adopted by the City Council in 2015.
Mayor Nancy McFarlane will be among the speakers at the groundbrea
The Washington Terrace redevelopment is a major component of the City’s Neighborhood Revitalization Strategy Area Plan for East College Park and Washington Terrace. The new affordable rental units at Washington Terrace will complement the mixed-income homeownership development planned for East College Park, according to Larry Jarvis, director of the City’s Housing and Neighborhoods Department. Ninety-eight (98) single-family detached houses and 51 townhouses will be constructed in East College Park.
Originally built in 1950 and located between St. Augustine’s University and Raleigh Boulevard, Washington Terrace is a 23-acre community known as the first rental community built in Raleigh for African-American middle-class families and professionals. In 2014, DHIC purchased Washington Terrace to preserve housing affordability for families and seniors with limited incomes.
DHIC conducted a year-long civic engagement process to capture the community’s imagination and vision for a revitalized Washington Terrace. The process resulted in the adoption of a master redevelopment plan to replace the existing 245 units with new affordable apartment homes for families and seniors.
The first phase of the redevelopment plan is The Village at Washington Terrace, a $32.3 million affordable apartment complex with 162 units, a community clubhouse, green space and a childcare center. The Village at Washington Terrace is the largest affordable housing project ever co-funded by the City of Raleigh. It is expected to be complete in March 2019.
The second phase of the Washington Terrace redevelopment is the $11.8 million Booker Park North at Washington Terrace community. It will offer 72 affordable apartment homes for independent seniors 62 and older. Booker Part North is expected to be complete by the end of 2018.
The final phase of the Washington Terrace redevelopment plan includes additional affordable rental apartments and homes for sale to moderate-income homebuyers.