Davidson approves grant for affordable apartments
by Staff Writer
DAVIDSON – The Town Board approved a $150,000 grant on Nov. 13 to help fund the construction of two affordable housing apartments on Mocks Circle.
In Davidson, 12.5 percent of homes built in new developments must qualify as affordable housing. The Davidson Housing Coalition will manage the units.
Cindy Reid, the affordable housing coordinator, said the program was “initiated because the town leaders decided that they wanted to maintain the economic diversity that has always been part of Davidson. We wanted to be able to maintain it, by taking a more progressive stand. If that didn’t happen, all the land would be gobbled up by the developers who only put in high-end products.”
Legally, the units must stay “affordable” for 99 years. Davidson oversees resales of these residences to ensure they are sold to income-qualified households.
Neighborhoods in Davidson where the affordable housing already exists include Bradford, Davidson Bay, Harbour Place, South Main Square, Summers Walk and Walnut Grove.
A developer of Bailey Springs has donated 2.24 acres to go toward development of affordable housing in that neighborhood. The plan for Bailey Springs was to build eight cottages that will include 24 apartments. Tax credits were not issued for this space, so the town will look at the various options for this development.
Down Payment Assistance Program
Commissioners also approved a $50,000 grant to help support a new down-payment assistance program for home purchases. The plan is for households that make less than 80 percent of the median income in Davidson and also will help with closing costs.
The assistance comes in the form of a no payment, no interest loan from the Department of Housing and Urban Development.
Information about the Affordable Housing Program, a list of affordable housing available for resale, or how to apply for assistance is available at the town’s website or contact Cindy Reid at email@example.com or call at 704-960-9605.