Release No. 100114-24
Press Contact Only:
Connie Helmlinger, NCHFA, 919-877-5607 [email protected]
Brian Rapp, NCHFA, 919-877-5655 [email protected]
A ribbon-cutting ceremony for the Cottages at Brevard, a new 40-unit development for seniors, will be held on Friday, October 10th at 11 a.m. The community was developed by Pendergraph Development LLC of Raleigh, using Housing Credits awarded from the North Carolina Housing Finance Agency.
Date / Time / Location:
Friday, Oct. 10, 2014, 11 a.m., 15 Pender Lane, Brevard
Onsite Contact:
Steve Evans, 919-602-3750
The Cottages at Brevard feature 40 units comprising 28 one-bedroom and 12 two-bedroom garden apartments. The apartments serve individuals 55 and older with maximum incomes 60 percent or less of the median income of Transylvania County, adjusted for household size. For a single resident, this would equate to an income at or below $23,400. Rents range from $490 to $550 per month. Six units were designed to accommodate residents with disabilities.
The development also offers amenities including storage closets, a multi-purpose room, a computer center, exterior sitting benches, a covered patio with seating, resident walking trails and a gazebo.
The $7.3 million Cottages at Brevard development was financed in large part by federal and state tax credits awarded by the NC Housing Finance Agency. The Agency finances the statewide construction of affordable rental apartments using federal and state housing credits and low-interest loans, including loans financed by the state’s 25-year-old Housing Trust Fund.
Also providing financing for the Cottages at Brevard are Carolina Bank, Community Affordable Housing Equity Corporation (CAHEC), USDA Rural Development, the City of Brevard and Community Investment Corporation of the Carolinas (CICCAR).
“The Cottages at Brevard provides a safe, comfortable and affordable neighborhood for seniors in Brevard and is an attractive asset for the surrounding community,” said Bob Kucab, executive director of the NC Housing Finance Agency.
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The North Carolina Housing Finance Agency, a self-supporting public agency, has financed 221,000 homes and apartments since its creation in 1973.
