Funding awarded for affordable housing at Britton Village
SALISBURY — U.S. Rep. Ted Budd, R-13, announced Tuesday that a grant has been awarded for an affordable housing development in Salisbury.
Britton Village will receive $500,000 to build 80 rental units. The total development cost is $11.5 million.
The funding comes from the 2019 Affordable Housing Program, which will be used for construction of the low-income development. Rent will be 40% to 60% of the area median income.
“Helping people afford a place to live and raise their family is among my top priorities in Congress, and awards like this make a real difference for our community,” Budd said.
Federal Home Loan Bank of Atlanta awarded the funding after Budd sent a letter requesting consideration. Since 1990, the bank has provided more than $1.02 billion in funding for more than 158,900 units of affordable housing for low- and moderate-income families throughout the Southeast.
FHLBank has supported 396 rental and homeownership developments in North Carolina, which created 16,148 units of affordable housing and about $1.44 billion in residential development.
“Affordable housing is a critical need for every state in FHLBank Atlanta’s district,” said Arthur L. Fleming, senior vice president and director of Community Investment Services for FHLBank. “We are grateful to Rep. Budd for his attention to this important issue, and we are proud our AHP funds will be used by our member financial institutions to assist the development, rental or purchase of much-needed safe and affordable housing in North Carolina.”
According to FHLBank Atlanta, the funding also helps revitalize neighborhoods, create jobs and stimulate economic growth.
Along with Britton Village, two other affordable housing districts were awarded grants.
Partnership Place in Greensboro was awarded $500,000 for 30 rental units. The money will be used for the acquisition and rehabilitation of an abandoned multifamily housing development, which will bring units that rent for 30% and 50% of the area median income. The total development cost is $2.3 million.
Aaronfield at Miller’s Creek in Winston-Salem was awarded $500,000 for 52 rental units for low-income families at the 40% and 60% area median income level. The $8.2 million development will include energy-saving features.
The three grants are for projects in Budd’s congressional district.
Britton Village will be developed by Scantland Inc. and the Mid Atlantic Foundation.
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