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Using ‘Innovative’ Approach by North Carolina Housing Finance Agency, KINSTON – Thanks to North Carolina’s innovative approach to affordable housing and the commitment of a Winston-Salem developer, the city of Kinston has renovated dozens of rundown apartments with 38 more—literally—on the horizon. The latest project is Hotel Kinston, a $4.8 million effort to refurbish the 10-story landmark that has dominated the city’s skyline since 1928. Landmark Asset Services, part of The Landmark Group in Winston-Salem, is behind the renovation, which incorporates a $3.3 million loan to the city from the N.C. Housing Finance Agency. The project is Landmark’s fourth in downtown Kinston since 2000, when it led the renovation and conversion of Grainger School into 57 apartments for seniors, a day care center, community performing arts center and gym. The other projects have been Kinston Oaks, which made 32 apartments from a complex since named to the National Register of Historic Places; and Nantucket Lofts, which will feature 28 downtown loft apartments and commercial space in what was Kinston’s last surviving tobacco warehouse. In addition to the preservation of Kinston’s past and the addition of housing for its future, what the four projects also have in common is assistance from the N.C. Housing Finance Agency. Assistance has come in the form of a loan and affordable housing tax credits, which The Landmark Group then used to leverage financing from other sources. “North Carolina is innovative in the way it supports housing,” said Jim Sari, chief executive officer of The Landmark Group. “The Housing Finance Agency approved four out-of-the-box developments that provide affordable housing, revitalize downtowns and preserve important slices of local history.” Sari estimated that the four projects, which cost about $20 million to develop, will have an economic impact of $30 million to $40 million. Hurricane Floyd Brought Landmark to Kinston Landmark became involved with Kinston housing projects after flooding from Hurricane Floyd devastated much of the city’s housing in 1999. Landmark used city incentives adopted to encourage construction beyond the 100-year flood plain, low-income housing and historic preservation tax credits and federal disaster funds to buy the old Grainger High School for elderly housing. Meanwhile, it worked with other interests to assure the conversion of other buildings on the four-acre site. The result is Grainger Place, an inter-generational project that has spurred the revival of nearby neighborhoods. Next came the Kinston Oaks project, which used low-income housing and historic preservation tax credits to buy and completely renovate a rundown apartment complex owned by Kinston Housing Authority, This effort, too, has cemented the stabilization of nearby neighborhoods, and the refurbished complex is back on the city’s tax rolls. Nantucket Lofts, which should be completed by December 2004, are being carved out of a tobacco warehouse—Kinston’s last—that dates from the turn of the 20th century. Like the other projects, it relies on historic preservation tax credits and low-income tax credits through the N.C. Housing Finance Agency. With commercial space on the ground floor, Nantucket Lofts will help boost the fortunes of downtown Kinston. Kinston Hotel, on which renovation is scheduled to begin in 2005, is a Section 8 project for which the Kinston Housing Authority does not have the money needed for upkeep. The $3.3 million loan will enable Landmark to buy and renovate the building. Residents will be moved out during renovation, and they will return to loft apartments. About The Landmark Group The Landmark Group, with its expertise in historic preservation and adaptive reuse, architectural design, city planning, layered financing, construction and property management, has partnered with public housing authorities, private investors, local governments and non-profits on housing and mixed-use developments worth more than $150 million. About the North Carolina Housing Finance Agency
The North Carolina Housing Finance Agency is a self-supporting state agency. Statewide it has financed more than $8 billion of affordable homes and apartments benefiting half a million North Carolinians.
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