SALISBURY, NC (WBTV) - The North Carolina Housing Finance Agency has awarded tax credits for Phase II of the Civic Park Redevelopment, a key part of the $21-million transformation of the West End, according to a press release provided to WBTV by the City of Salisbury.
The $765,000 award, combined with the previous award for Phase I, means the redevelopment project will be completed by 2016.
"Thanks are due to so many people for their hard work," says Janet Gapen, Director of Salisbury Community Planning Services. "Sam Foust and his entire Salisbury Housing Authority Team, Laurel Street Residential, Stogner Architecture and Ramsey Burgin Smith Architecture."
The resident-driven plan for West End was created two years ago through an intensive planning process. When Civic Park is completed, there will be 170 new apartments for working class families. It also calls for other neighborhood improvements including housing rehabilitation, increasing neighborhood-based youth programming, increasing access to health services, beautification initiatives and many other improvements.
"Now that funding for Civic Park redevelopment has been secured, we can refocus our work with the neighborhood and the broader community to reach the City's goals," says Mayor Paul Woodson. "Plans can now proceed within a relatively short time span to completely redevelop Civic Park apartments, and accomplish an important goal of the West End Transformation Plan."
Phase I of the development was awarded a $700,000 tax credit in 2013. It is expected to be completed in July 2015 with 80 affordable rental units for families at 60 percent of the area's median income or below. Phase II will have 90 units including one, two, three and four bedroom apartments and townhomes. Work will start early next year and will be complete by the summer of 2016.
The tax credits will be sold to investors to cover more than half the cost of development. Remaining costs will be funded by subsidized loans from the State and the City of Salisbury as well as conventional loans. When complete, the redevelopment will represent a $21 million investment in the West End Community.