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May 16, 2006 Nantucket Lofts Wins National Award for Affordable Housing; KINSTON—Nantucket Lofts has been named the most outstanding affordable housing tax-credit property in rural areas nationwide for 2005 by the Affordable Housing Tax-Credit Coalition. Developed by The Landmark Group in Winston-Salem, Nantucket Lofts is the $5.1 million conversion of an historic tobacco building into affordable loft apartments for working families in Kinston. The lofts on Main Street opened in February 2005 to families who earn up to 60 percent of the area median income. Nantucket Lofts offers something unique in Kinston and communities nearby—loft living in airy, spacious, high-ceilinged units with exposed brick, refinished original hardwood floors and steel windows, new appliances, individual heating and air, Internet access and the innate character of a renovated building more than 100 years old. “People think they are high-end lofts,” says Blair Moss, regional manager for the building. “It is the desired place to live. I have to turn people away every day.” A key feature of the project is multi-purpose space for children. The challenge of designing space appealing and appropriate for all ages—from toddlers to teens—went to Laurie Whitaker of Whitaker Designs in Winston-Salem. She fashioned connecting rooms for study and recreation that Winston-Salem artist David Gilbert tied together with commissioned artwork built around an inspirational theme of reaching for the stars. Financing for Nantucket Lofts came from affordable housing and historic property tax credits sold through Community Affordable Housing Equity Corp; a no-interest loan from the North Carolina Housing Finance Agency; and a grant and loan through the Federal Home Loan Bank of Atlanta Affordable Housing Program. The Affordable Housing Tax-Credit Coalition will present its 12th annual Charles L. Edson Tax Credit Excellence Awards in Washington on June 7. Nantucket Lofts will receive a $5,000 grant to bring additional services, facilities, or amenities to the benefit of its tenants. The Landmark Group (www.landmarkdevelopment.biz) is a team of more than 150 people with expertise in architectural design, city planning, layered financing, construction and property management. It has partnered with local governments, housing authorities and private investors on more than $300 million worth of community development projects in the Carolinas, Florida, Georgia, Tennessee and Virginia.
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