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Wilmington Housing Authority receives $13.0 million tax credit award

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Wilmington, NC - 138 Wilmington families will enjoy living in a newly renovated public housing community to be modernized with proceeds from a $13.0 million tax credit award. Sixty apartments have already received substantial interior renovations at the housing complex with funding provided through the American Recovery & Reinvestment Act of 2009 (ARRA). The tax credit award represents the maximum award allowed and the largest single tax credit grant awarded in North Carolina this year.

Due to the present state of the Housing and Finance markets, the tax credit award is expected to net WHA approximately $9.1 million in construction funds. Gap financing will be provided by the Wilmington Housing Authority and an additional loan from the North Carolina Housing Finance Agency. Construction is expected to begin in 2011. The project will be accomplished in phases so as to minimally disrupt the community.

WHA Chairperson Debra Hays says, “Once again, the Wilmington Housing Authority has proven a formidable player when it comes to securing competitive funds for the citizens of Wilmington and New Hanover County.” "These funds will breathe new life into Creekwood South", says WHA Chief Executive Officer, Michael J. Krause. “This award allows us to modernize an aging but otherwise viable property, replace deteriorating infrastructure, and build to modern code standards.”

Creekwood South will include 2, 3, and 4-bedroom apartments that will be home to as many as 1,320 residents.

About the Wilmington Housing Authority: The Wilmington Housing Authority was established in 1937. Prior projects initiated by WHA include 130 single family homes at Sunset South, 48 units of affordable family housing at The Pointe at Taylor Estates, 96 affordable apartments at Robert R. Taylor Senior Homes, and 48 townhomes at New Brooklyn Homes at Taylor Estates (currently under construction).

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