Excerpt from StarNews Online. Published August 25, 2013.
2 Apartment Projects Receive Federal Tax Credits
“Proposed subsidized apartment projects in Wilmington and Southport have received federal tax credits, an important step toward their construction as early as next year.
Lockwood Village Apartments, proposed for 4900 S. College Road, received $540,000 in credits from the N.C. Housing Finance Agency. The agency also approved $512,500 for the 72-unit Abbington Oaks at approximately 4800 Southport-Supply Road S.E. in Southport.
In Southport, 72 one- two- and three-bedroom units are proposed on a site north of the intersection of N.C. 211 and Long Beach Road.
Income of residents there would be limited to 40 to 60 percent of the median income.
Rents on one-bedrooms would range from $352 to $540 depending on income level, said Karen Perry, of the investment group that comprises KRP Investments, WJRNC Development LLC, and Brock Ventures Inc. – the latter of Wilmington.
Two-bedroom units would range from $416 to $630; and three-bedrooms from $473 to $730.
“It is near grocery and shopping, pharmacy and is a good location for visibility,” Perry said. “Our analysis supported the need for housing there.”
The project is anticipating $2.26 million of permanent financing, Perry said, and Brunswick County has approved a fee deferral of up to $100,000, she said.
Perry said construction could start by year-end, with construction typically taking 12 to 14 months.”