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Council awards HOME-ARP gap funding for 72-unit Turnberry Trace senior apartments
Summary
The council voted 6-0 to approve a staff recommendation to commit $715,000 in HOME-ARP gap financing to Turnberry Trace, a 72-unit senior affordable project by Taft Mills Group that staff said is shovel-ready and paired with low-income housing tax credits.
The Greenville City Council on April 10 approved a staff recommendation to commit $715,000 in HOME-ARP gap financing to Turnberry Trace, a 72-unit senior affordable rental development proposed by local developer Taft Mills Group.
Housing staff said HOME-ARP and HOME funds can fill financing gaps when paired with Low Income Housing Tax Credits (LIHTC), and the city frequently partners with developers using the North Carolina Housing Finance Agency's tax-credit program. Senior housing developer Taft Mills requested $1,000,000 in gap financing; after review staff recommended a $715,000 award because Turnberry Trace is shovel-ready and fit the city's funding timeline.
Dustin Mills, executive (Taft Mills Group), described Turnberry Trace as a $16.6 million investment that will provide 72 units restricted at multiple income tiers and carry affordability restrictions for at least 30 years. He said the site is adjacent to grocery and health services and that formal site plans are complete. "This development represents a $16,600,000 investment in the community," Mills said.
Staff and developer representatives emphasized amenities and on-site programming, including planned green space and a publicly accessible park area. The developer also said 10% of units will be set aside for veterans and units will serve households at 40-, 50-, 60- and 80-percent AMI levels.
Council Member Ford moved approval; Council Member Robinson seconded. The motion passed 6-0.
Staff said awarding the HOME-ARP funds will allow the project to begin construction in late June, subject to closing and standard lender and agency conditions.
