Boston Capital is investing in the construction of Villas of Christian Village, a 38-unit affordable seniors housing development in King, N.C.
The community is being developed by North Carolina Housing Foundation, a nonprofit housing development organization based in Winston-Salem.
The development will be built with equity from the low-income housing tax credit (LIHTC) program. The community’s apartments will be available to seniors ages 55 and older earning 60 percent or less of the area median income. "We are pleased to once again partner with Robert Sanders and the North Carolina Housing Foundation in the construction of 38 affordable homes for seniors," said Jack Manning, president and CEO of Boston Capital. "Villas at Christian Village represents Boston Capital's third investment with the Foundation and we are pleased to offer much-needed housing and services to seniors in King and its surrounding communities."
The apartment community will feature two-bedroom, two-bath apartments in 19 single-story, duplex buildings and a 1,730-square foot community building. Apartments will feature central air-conditioning, full-size washer/dryer connections, dishwashers, ceiling fans, unit storage, one-car attached garages and patios/porches. Community amenities will include a community room with a kitchen and sitting area, a computer room, a common laundry facility, an outdoor seating area with gazebo and van service to area services at no charge to residents. Situated 17 miles north of Winston-Salem, the development is located within one mile of grocery shopping, a pharmacy, banks, and restaurants.
The construction of Villas at Christian Village will generate nearly $4.1 million in local salaries and create nearly 42 new jobs in the King area. Boston Capital's investment in this development adds 38 affordable homes to its apartment portfolio. To date, the firm has invested in nearly 6,000 affordable housing apartments in North Carolina.
A real estate investment and advisory firm, Boston Capital is a LIHTC syndicator.