Marion will get a new apartment complex which will provide affordable housing to families and single people too,
The apartment complex, called Harrison Terrace, is planned to be built near the intersection of Airport Road and Jackson Road, The 60-unit complex will be located between Hospice of McDowell County and Autumn Care.
Harrison Terrace will consist of eight one-bedroom units, 36 two-bedroom units and 16 three-bedroom units. It is a project by the Flatiron Group, a real estate development firm based in Charlotte that specializes in building affordable multifamily housing. Hollis Fitch is the firm’s president.
Fitch told The McDowell News that Harrison Terrace will be the 12th such development for the Flatiron Group. It will be modeled after Broadriver Terrace in Brevard.
“I would expect Marion to do just as well,” he said.
In addition to the apartments, Harrison Terrace will feature a clubhouse with a covered patio, a covered picnic area, a playground and a full-time manager living on-site.
The apartment units at Harrison Terrace will have affordable rents, said Fitch. He added that this will not be subsidized or section 8 housing but it will seek to provide affordable apartments for lower income folks. It will be built mostly for working families but there will be units that single people can rent too,
Construction should begin around the end of February or the beginning of March, depending on the weather, said Fitch.
The Flatiron Group recently received $487,505 in federal tax credits for this project. Harrison Terrace is just one of the 48 rental communities across North Carolina that were awarded federal tax credits last week.
City Manager Bob Boyette said the Flatiron Group is seeking funding for a sewer extension to the apartment complex site.
“We’re excited about the possibilities,” said Boyette. “It sounds like a good project.”
Federal tax credits and other financing awarded Friday will build $423 million of affordable apartments in 37 North Carolina counties. The work is expected to support 8,540 jobs and generate more than $13.4 million in local tax revenue, according to a news release.
Tax credits and bond authority were approved by the North Carolina Federal Tax Reform Allocation Committee, based on recommendations from the North Carolina Housing Finance Agency.
“These affordable apartment developments will provide housing opportunities for working families and seniors,” said Bob Kucab, executive director of the N.C. Housing Finance Agency. “They also will help to improve communities, keep thousands of North Carolinians working in construction and related industries, and build local tax bases.”
The funding will produce 3,683 privately owned, privately managed affordable apartments. Seventy-two percent of the apartments (2,650 units) will be designated for families, and 1,033 units will house seniors. At least 295 of the apartments are targeted for persons with disabilities. The new awards will bring the number of Housing Credit apartments built in the state to more than 67,000, according to the news release.
In addition to the federal tax credits, five of the apartment developments will receive loans totaling $4.5 million approved by the N.C. Housing Finance Agency’s board of directors.
Thirty-nine of the developments will receive state tax credits authorized by the General Assembly. The loans and state tax credits make it possible to produce affordable apartments in rural counties where incomes are low, and reduce the rents in urban areas.
All of the apartments are affordable for households earning 60 percent of a county’s median income, and many are affordable at 50 percent or 40 percent of median as the result of the additional financing. For a family of four, this ranges from $45,480 (60 percent in Wake County) to $19,760 (40 percent in low-income counties, such as Robeson or Wilkes). The state’s Key Program operating assistance makes apartments affordable for persons with disabilities living on Supplemental Security Income (SSI), which is currently $721 a month.
The N.C. Housing Finance Agency evaluates the tax credit applications on behalf of the N.C. Federal Tax Reform Allocation Committee. The highly competitive application process uses a quantitative ranking system and includes independent market studies of each property and site visits by agency staff. Each property is rated for architectural design, rent affordability, financial stability, capability of the development team, and criteria to ensure statewide distribution of the financing, according to the news release.