Affordable Housing Management Inc

MANAGEMENT AND DEVELOPMENT OF AFFORDABLE RENTAL HOUSING FOR LOW TO MODERATE INCOME HOUSEHOLDS

THE ORGANIZATION PROVIDED TECHNICAL, MANAGERIAL, AND EDUCATIONAL ASSISTANCE TO LOW AND MODERATE INCOME HOUSING DEVELOPMENTS IN THE GREATER GREENSBORO, NORTH CAROLINA AREA.THE ORGANIZATION PROVIDED THESE SERVICES TO 523 HOUSING UNITS DURING THE YEAR ENDED JUNE 30, 2023, THROUGH PROPERTIES THAT WERE OWNED AND/OR MANAGED.THROUGH ITS RESIDENT EDUCATION AND ENRICHMENT FUND (REEF), TO DATE THE ORGANIZATION HAS PROVIDED 101 SCHOLARSHIPS TOTALING $60,522, OF WHICH 56 ARE MULTIPLE AWARDS TO THE SAME RESIDENTS, TO AHM RESIDENTS TO ASSIST THEM WITH FURTHERING THEIR EDUCATION AND CAREER ADVANCEMENT. THROUGH ITS YOUTH EDUCATION SUMMER SCHOLARSHIP PROGRAM (YESS), 58 SCHOLARSHIPS TOTALING $15,148 HAVE BEEN AWARDED TO CHILDREN LIVING AT AHM MANAGED APARTMENTS, TO ATTEND SUMMER CAMPS.THE ORGANIZATION RECEIVED A NORTH CAROLINA HOUSING FINANCE AGENCY 2013 HOUSING NORTH CAROLINA AWARD FOR EXCELLENCE IN AFFORDABLE HOUSING IN THE PERMANENT SUPPORTIVE HOUSING CATEGORY. THE AWARD ACKNOWLEDGED THE MAJOR REHABILITATION OF 20 UNITS KNOWN AS VILLAGE CROSSING. OF THOSE UNITS, 9 ARE RESERVED/TARGETED FOR FORMERLY HOMELESS AND/OR DISABLED HOUSEHOLDS.THE ORGANIZATION RECEIVED ANOTHER NORTH CAROLINA HOUSING FINANCE AGENCY 2017 HOUSING NORTH CAROLINA AWARD FOR EXCELLENCE IN AFFORDABLE HOUSING IN THE PERMANENT SUPPORTIVE HOUSING CATEGORY. THE AWARD ACKNOWLEDGED THE NEW CONSTRUCTION OF 20 UNITS KNOWN AS HOPE COURT. OF THOSE UNITS, 6 ARE RESERVED/TARGETED FOR FORMERLY HOMELESS AND/OR DISABLED HOUSEHOLDS.THE ORGANIZATION COMPLETED A 72-APARTMENT NEW CONSTRUCTION DEVELOPMENT NAMED MUIRS LANDING IN 2020. THIS IS A MIXED INCOME DEVELOPMENT WITH THREE LEVELS OF RENTS AFFORDABLE TO HOUSEHOLDS EARNING 30, 50, AND 60% OF THE AREA MEDIUM INCOME.THE ORGANIZATION HAS RECENTLY COMPLETED AN 84-APARTMENT NINE PERCENT TAX CREDIT NEW CONSTRUCTION DEVELOPMENT NAMED REDHILL POINTE. THIS IS ANOTHER MIXED INCOME DEVELOPMENT WITH THREE LEVELS OF RENTS AFFORDABLE TO HOUSEHOLDS EARNING 30, 50, AND 60% OF THE AREA MEDIAN INCOME. THE DEVELOPMENT WAS COMPLETED AND FULLY LEASED IN JANUARY 2023.ON OCTOBER 4, 2022, THE DEVELOPMENT KNOWN AS SOUTHWOODS WAS AWARDED ACQUISITION-REHAB NINE PERCENT LOW INCOME HOUSING TAX CREDITS OF AND A RENTAL PRODUCTION LOAN BY THE NORTH CAROLINA HOUSING FINANCE AGENCY. ADDITIONALLY, IN MAY 2022, AHM WAS AWARDED A CITY OF GREENSBORO AMERICAN RESCUE PLAN (ARP) GRANT FOR THE SOUTHWOODS DEVELOPMENT. IN AUGUST 2023 THE ACQUISITION REHAB LOANS AND TAX CREDIT SYNDICATION CLOSED AND CONSTRUCTION STARTED. THIS IS A MAJOR REHABILITATION OF AN EXISTING AHM TAX CREDIT PROPERTY ORIGINALLY BUILT IN 1996. THE RENTS WILL BE AFFORDABLE TO HOUSEHOLDS EARNING 50% OR BELOW THE MEDIAN AREA INCOME. SOUTHWOODS HAS 59 STUDIO APARTMENTS THAT HAVE BEEN AND WILL CONTINUE TO PROVIDE HOUSING TO SINGLE PEOPLE, MANY WHO ARE DISABLED OR HAD BEEN PREVIOUSLY HOMELESS. CONSTRUCTION IS SCHEDULED TO BE COMPLETED IN DECEMBER 2024.ON AUGUST 15, 2023, THE DEVELOPMENT KNOWN AS WINDHILL DEVELOPMENT WAS AWARDED AQUISITION-REHAB NINE PERCENT LOW INCOME HOUSING TAX CREDITS AND A RENTAL PRODUCTION PROGRAM LOAN BY THE NORTH CAROLINA HOUSING FINANCE AGENCY. ADDITIONALLY, AHM HAS RECEIVED A LOAN COMMITMENT FROM SELF-HELP VENTURES, WHICH IS ADMINISTERING THE NEW COMMUNITY OF GREATER GREENSBORO HOUSING FUND. THIS WILL BE A MAJOR REHABILITATION OF AN EXISTING AHM TAX CREDIT PROPERTY ORIGINALLY BUILT IN 2001. THE RENTS WILL BE AFFORDABLE TO HOUSEHOLDS EARNING 50% OR BELOW THE MEDIAN AREA INCOME. CLOSING AND BEGINNING CONSTRUCTION IS SCHEDULED FOR EARLY SUMMER 2025.SINCE 2011, ALL AHM NEW CONSTRUCTION DEVELOPMENTS HAVE RECEIVED NATIONAL ASSOCIATION OF HOME BUILDERS GREEN BUILDING STANDARD AND ENERGY STAR CERTIFICATIONS. THE ORGANIZATION RECEIVED THE NATIONAL ASSOCIATION OF HOME BUILDERS RESEARCH CENTER 2011 GREEN PARTNER OF THE YEAR AWARD AND WAS SELECTED A 2020 NATIONAL GREEN BUILDING STANDARD GREEN PARTNER OF EXCELLENCE.OTHER ACTIVITY INCLUDED THE INVESTIGATION AND ANALYSIS OF PURCHASING EXISTING APARTMENT COMPLEXES AND LAND SUITABLE FOR AFFORDABLE HOUSING.