Raleigh Affordable Condos Open With Fanfare
Reprinted Under Creative Commons License
Thursday, March 22, 2007
RALEIGH - Over a 100 Raleigh residents gathered to celebrate the dedication of Carlton Place last Wednesday morning March 14th.
Developed by Raleigh-based DHIC, Inc., Carlton Place is an 80 unit mixed income apartment community just a stone's throw from Moore Square.
As the city asks what downtown will become and for whom, Carlton Place represents a good first step in addressing the need for affordability in the city core.
Many dignitaries were on hand for the event. Raleigh Mayor Charles Meeker, County Commission Chairman Tony Gurly, state Representative Deborah Ross, and North Carolina Housing Finance Chairman Lucius Jones all spoke.
The honored guest, John Carlton, for whom the development is named, also received a special presentation.
Mr. Carlton is a long time neighborhood activist and affordable housing advocate, as well as a former member of DHIC's board of directors.
Carlton Place is the result of an effective public-private partnership. How is it affordable?
The developer assembled funding from local government loans, state government loans, private loans and grants, and federal and state tax credits awarded by the NC Housing Finance Agency.
The loans are below market rate, and the equity from the tax credits reduces the debt service and thus lowers rents.
Carlton Place is the first mixed income, mixed use, Housing Credit funded apartment community in North Carolina. Sixteen of the units are market rate, and not funded by credits.
The remaining 64 units are restricted to households making 60% or less of the county median income. There is also commercial space along Davie Street currently in lease up.
Eight of the units are set aside for, and affordable to, persons with disabilities.
Additionally, four units are fully accessible to people with mobility impairments, including curbless showers. One resident benefiting from this is Raleigh native and reigning Ms. Wheelchair North Carolina, Ms. Kelly Woodall.
Carlton Place also received a grant from the Home Depot Foundation to incorporate "Green" elements in the design of the development.
Carlton Place features Energy Star appliances, low VOC paint and carpet, pervious concrete, low flow plumbing, and solar reflective roof membranes.
According to Gregg Warren, Executive Director of DHIC, the first residents are employees of the City of Raleigh, Wake County Public Schools, Blue Cross Blue Shield, Capital Area Transit, retail businesses, state government, and Wake Med.
Many are now able to walk to work. DHIC is also the developer of Murphy School Apartments and the Prairie Building in downtown Raleigh. ::