WILMINGTON, NC (WECT) - The Wilmington Housing Authority has received a tax credit award of approximately $6.5 million in tax credit equity to fund the renovation of 77 apartments at its Rankin Terrace public housing community, according to a news release from the Wilmington Housing Authority.
The tax credit was awarded through the WHA's nonprofit development company, Housing and Economic Opportunities, Incorporated, and will also be used to fund the new construction of a community resource center and management office.
According to the news release, gap financing will be provided by the Wilmington Housing Authority and an additional loan from the North Carolina Housing Finance Agency.
"Once again, the Wilmington Housing Authority has successfully secured a competitive funding award so that it can enhance the quality of its affordable housing options for the citizens of Wilmington and New Hanover County," says WHA Chairperson Jeff Hovis.
"These funds will breathe new life into Rankin Terrace and the entire northside of the city of Wilmington", says WHA Chief Executive Officer Michael J. Krause. "This award allows us to modernize an aging, but otherwise viable property, replace deteriorating infrastructure, and build to modern code standards."
expected to begin in late spring of 2014 and will be accomplished in phases.
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