The Durham City Council is earmarking $4.5 million to help fund three projects on affordable housing, with one major development in the downtown area.
That is a new apartment building proposed by Self-Help Credit Union called Ashton Place Apartments, estimated to cost $10 million.
Planned for 310 Jackson St., adjacent to the Durham Station, Ashton Place will have 51 apartments available to residents who are at or above 55 years old, with income at or below 60 percent of area median income, according to Self-Help.
The project is being co-developed by Self-Help and Raleigh-based DHIC Inc., or Downtown Housing Improvement Corporation. The two organizations are also co-developing the Willard Street Apartments, which will have 82 affordable apartments when it is slated to open in 2021.
Jenny Shields, spokeswoman for Self-Help, said in an e-mail this week that the project is dependent on the award of the low-income housing tax credit by the N.C. Housing Finance Agency.
“While the Durham City Council has approved $1.8 million to support this project, those funds will only be expended if the project is awarded tax credits by the NCHFA in August,” she said. “Without this award, the project will not move forward – as proposed – this year.”
Ashton Place is planned to open in December 2022.
At the April 23 meeting, the council approved the award of a $1.4 million grant to go to McDougald Terrace. At the May 4 meeting, the council authorized the city manager to go ahead with a contract with Housing for New Hope for $1.1 million, to provide services as the Unsheltered Coordinating Agency. The city and Durham County each will provide $537,500 to the organization.
The city is also using $198,054 in Dedicated Housing Funds to rehabilitate Laurel Oaks Townhomes.