Monitoring the economic pulse of the Triad
Developers vie for low-income housing credits in Winston-Salem
Three developers with proposals for low-income housing are eligible for consideration by the NC Housing Finance Agency thanks to an affirmative vote by Winston-Salem City Council. The competitive process allows for one project, at most, to be approved for low-income housing tax credits.
The NC Housing Foundation in Winston- Salem and an affiliate of Miller Valentine Group in Cincinnati, Ohio are applying for tax credits to help finance a $400,000 project called the Enclave II on Bethania Station Road that would provide 64 rental units.
Developer Bill Scantland of Lewisville is seeking tax credits to help finance a $1.5 million development called the Heights at Patterson Avenue in the Goler Heights section of downtown that would provide 54 rental units.
Two companies managed respectively by Brad Queener of Myrtle Beach, SC and Traci Dusenbury of Richmond, Va. are applying for tax credits to help finance a $550,000 development called Rockwood at Oliver’s Crossings Apartment on Peters Creek Parkway.
Michael Suggs, executive director of Goler Community Development Corp., appeared at the city council meeting on Monday to demonstrate support for the Heights at Patterson Avenue. Mayor Pro Tem Vivian Burke voted in favor of forwarding all three proposals to the state housing finance agency, but only after receiving assurances from Suggs that the project would not encroach on other establishments in the area, including a daycare. Burke had previously abstained from a vote on the proposals by the city council’s finance committee after asking staff for information about what other large rental developments are nearby the proposed Heights project. With Burke’s support, the proposals received unanimous support.