Скачать или смотреть Plans for $22 million bond for new affordable housing development underway in east Durham

The Durham City Council will talk about how to use money available for a new housing development in east Durham.
Full story: https://www.wral.com/durham-leaders-t...

The Cedar Trace Apartments are proposed to include 180 units, with one-, two- and three-bedroom options at Carr Road near Interstate 885.

Specifically, Durham leaders will discuss a tax exempt $22 million bond.
"They're essentially third-party bonds that are issued that we have no direct or indirect responsibility for the maintenance of those bonds, the payment of those bonds, that's strictly the responsibility of the developers of Cedar Trace,” said Durham Housing Authority CEO Anthony Scott.

Most of the apartments will be for families earning 60% of the area’s median income.

Scott said wage increases are outpaced by housing costs in Durham County.

"If you're say a police officer or someone like that where you're making say 50,000, that means you're making half of what the median income is in this area,” Scott said.

Mayor Pro Tempore Mark-Anthony Middleton explained the need for supporting private developers of affordable housing in Durham.

"Affordable housing does not mean substandard or low quality,” Middleton said. “[It’s the] same type of units [and] same type of materials that we use in marketplace housing.”

Middleton said it does not cost developers less to build affordable housing.

“Heavy subsidies have to be put in,” Middleton said.

Construction for this project is expected to take about 15 months.

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