Completion is expected by next August. Credit: Blake Wheeler via Unsplash.

Developer and owner BTR Communities Group, in collaboration with WNC & Associates, has started construction on a new affordable housing development in central North Carolina, US. 

The three-storey development, named ‘East Center Village’, is being built with an investment of $12.4m. 

As part of the project, the two companies aim to develop a total of 54 apartment units to address the housing needs of those aged 55 and above. 

Planned to be completed by August next year, the project features 34 one-bedroom and 20 two-bedroom units, with affordability targets set at 40% and 60% of the area median income. respectively.  

East Center Village is set to be ENERGY STAR Multifamily New Construction Program-certified, ensuring residents benefit from energy-efficient appliances and features. 

See Also:

The strategic location of the housing complex at 520 East Center Street will offer residents easy access to downtown Lexington, major roads, as well as public transportation.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

With a ‘Walk Score’ of 61, the site promotes a moderately walkable lifestyle, convenient for active older residents, BTR Communities Group added. 

WNC Originations and Finance executive vice-president Anil Advani said: “WNC is pleased to participate in the Key Rental Assistance programme to provide housing for individuals in need. 

“We are excited to expand into the North Carolina market and fulfil a need to increase the affordable housing supply.”  

This project marks the first age-restricted tax credit development in Lexington, providing significant benefits to the local community, especially for those on a fixed income.  

The development’s affordability is guaranteed for a duration of 30 years. 

The financial structure of the project includes 9% Low-Income Housing Tax Credits.

It also includes a construction loan from Merchants Bank of Indiana and a Freddie Mac permanent loan serviced by Merchants Capital, demonstrating a key investment framework for the affordable housing sector.