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12.01.2016
Boston Capital is investing in the construction of Villas of Christian Village, a 38-unit affordable seniors housing development in King, N.C. The community is being developed by North Carolina Housing Foundation, a nonprofit housing development organization based in Winston-Salem. The development will be built with equity from the low-income housing tax credit (LIHTC) program. The construction of Villas at Christian Village will generate nearly $4.1 million in local salaries and create nearly 42 new jobs in the King area. Housing Finance, powered by Affordable Housing Finance magazine, provides the tools and best practices for financing, developing, and operating affordable rental housing. Aster Park which includes 88 tax credit units, 57 public housing units and 25 market-rate units, was honored with a 2004 Housing North Carolina Housing Finance Agency Award as an outstanding rental development.


Housing Rehabilitation and Conservation is the single largest category of program expenditures of close to $2 million per year. The communitya€™s apartments will be available to seniors ages 55 and older earning 60 percent or less of the area median income. Community amenities will include a community room with a kitchen and sitting area, a computer room, a common laundry facility, an outdoor seating area with gazebo and van service to area services at no charge to residents. The TCGD team, as lead developer, undertook all aspects of master planning, financing, building and marketing of the new community.
It received the award based on design, sustainability, contribution to the local community and special features including supportive services to the residents. More than two-thirds of this amount is allocated to single-family rehabilitation and home improvement.


Situated 17 miles north of Winston-Salem, the development is located within one mile of grocery shopping, a pharmacy, banks, and restaurants. The TCGD team performed the planning and land development of the entire subdivision, as well as construction of the first 8 homes. Purchase-Rehab - Tandem bank-city loans for purchase and rehab of units to be owner occupied. Emergency Repair - Grant to correct imminent health or safety condition for very low-income owners.




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