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Kinston, NC: Nantucket Lofts |
| Description: It’s hard to miss a 70,000-square-foot warehouse on the main drag downtown. When that warehouse is a rundown building dating from the turn of the 20th century, it presents both a challenge and an opportunity. Such was the case in Kinston, where the old American Tobacco Co. building stood vacant a few blocks from where urban pioneers were trying to create a new commercial identify for their slice of downtown Kinston. The last thing they wanted was something that might hurt business. But Kinston also needed housing for working families, and city government wanted the old warehouse to boost tax rolls. |
| Impact: The Landmark Group, which had built a track record in Kinston, had the answer. Thanks to the N.C. Housing Finance Agency, which encourages housing projects that can spur downtown renewal, Nantucket Lofts came into being. With tax-credit financing through Community Affordable Housing Equity Corp., a grant and loan from the Federal Home Loan Bank of Atlanta and the full support of business, political and civic leaders, The Landmark Group crafted a $5.1 million rehabilitation package for the historic building. The result: 28 loft-style apartments for working families and 4,000 square feet of boutique commercial space but, more importantly, another step for downtown renewal. |
Key Ingredients:
- Historic Tax Credits
- Affordable Housing Tax Credits
- Community Affordable Housing Equity Corp. Tax-Credit Equity
- Federal Home Loan Bank of Atlanta Affordable Housing Program Grant and Loan
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| " You’ve erased the doubters. You’ve shown us you can provide housing that’s affordable for the price that people who need it can pay. " |
Ralph Clark
Mayor
City of Kinston
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