Boston Capital announced it is investing in the construction of two low-income housing tax credit (LIHTC) developments in North Carolina—the 60-unit Lockwood Village Apartments in Wilmington and the 72-unit Ravenswood Apartments in Wilson.
The projects are co-developed by SNW and Community Alternatives for Supportive Abodes (CASA), both of Raleigh.
SNW is an affordable housing development firm owned and operated by Stephanie Norris, Oscar Norris, and Joan Norris. The Norris family has been involved in the development of affordable housing for more than 25 years. CASA is a longtime nonprofit developer and community development organization.
Located on 4.42 acres, Lockwood Village will feature 12 one-bedroom/one-bath and 48 two-bedroom/two-bath units in five, three-story buildings. Ravenswood Apartments, located on more than nine acres, will include 20 one-bedroom/one-bath and 52 two-bedroom/two-bath units in nine, two-story buildings. Both communities will serve families and individuals earning 60 percent or less of the area median income.
Units in both apartment communities will feature Energy Star appliances and HVAC systems, ceiling fans, patios or balconies, extra storage and washer/dryer hookups. Both developments will offer a 1,200 square foot community building featuring on-site management and management offices, a community room with kitchen, a computer room, a central laundry, a gazebo, a playground, and a screened porch with seating overlooking the playground.
The construction of these developments will generate nearly $14.2 million in local salaries and create nearly 150 new jobs in the Wilmington and Wilson areas. Boston Capital is a LIHTC syndicator and real estate investment and advisory firm. To date, the company has invested in approximately 5,800 units of affordable housing in North Carolina.