Boston Capital is investing in the development of a 52-unit development for families in Winston-Salem, N.C.

A development by general partner Brock Ventures of Annapolis, Md., Aaronfield at Miller's Creek will serve families earning no more than 60% of the area median income.

Aaronfield at Miller's Creek will feature 52 affordable homes plus a 600-square-foot common area.
Courtesy Martin Riley Associates Aaronfield at Miller's Creek will feature 52 affordable homes plus a 600-square-foot common area.

Located on more than 5 acres, the community will feature eight one-, 29 two-, and 15 three-bedroom units. Six units will serve mobility-impaired residents, and six units will be set aside for persons who have special needs or are homeless.

"Winston-Salem and its surrounding communities feature strong and diverse local economies, growing populations, and high demands for affordable housing," said Jack Manning, president and CEO of Boston Capital. "We are excited to partner with Stephen Brock of Brock Ventures in the construction of Aaronfield at Miller's Creek, which will create much-needed affordable homes for families and individuals."

The development will include a 600-square-foot common area, featuring a multipurpose room with resident computer workstations, a kitchen, and a laundry room. Exterior amenities will include a children's playground and a covered picnic area with tables, outdoor seating, and grills. Units will feature dishwashers, energy-efficient heating and air conditioning, walk-in closets, washer/dryer hookups, a pantry, and outside storage rooms.

The apartment community will be built with nearly $5.3 million in low-income housing tax credit (LIHTC) equity from Boston Capital. To date, the firm has invested in nearly 8,000 affordable apartments in North Carolina.

"The COVID-19 pandemic has amplified the affordable housing crisis already facing our country," added Manning. "Through the construction and preservation of additional housing units through the LIHTC program and other critical housing programs, we can address this growing shortage and help to fulfill the ever increasing need for safe and affordable housing."