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Madison, NC: Lassiter Square |
| Description: When Madison Public School opened its doors on Decatur Street in 1913, state-funded rural high schools were just taking root in North Carolina. Madison Elementary School was built on the site around 1920, and the schools flourished for generations. The older school, then called Lassiter Primary School, closed in the 1970s, and the other, then an administrative building, closed in 1990. The buildings were then used for storage, a far cry from their storied past. Local officials wondered, couldn’t they be put to better use? |
| Impact: The answer was a resounding yes. Lassiter Square, 36 units of affordable housing, includes 13 loft apartments created from the two historic buildings. Among the character-defining features retained in the renovation are original vertical pocket doors to what had been coat closets for school children. In adition to the adaptive reuse, three two-story buildings with 23 garden apartments were built on the former playground in back. The new buildings were designed to blend with the neighborhood’s historic character. Financing for the $4.5 million development was made possible through federal Historic Property Tax Credits, federal and state Affordable Housing Tax Credits and a mortgage through the Affordable Housing Program of the Federal Home Loan Bank in Atlanta. |
Key Ingredients:
- Low-Income Housing Tax Credits
- Federal HIstoric Property Tax Credit
- Federal Home Loan Bank Affordable Housing Program Mortgage
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