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NEW AFFORDABLE HOUSING COMPLETE IN NORTH RALEIGH

 RALEIGH, N.C., Oct. 28 /PRNewswire/ -- The Downtown Housing Improvement Corporation (DHIC) will join with the City of Raleigh and officials from the Central Carolina Bank and First Citizens Bank to celebrate the completion of Avonlea, a 44-unit apartment complex for lower income families in Northeast Raleigh. The event marks the completion of DHIC's fifth affordable apartment complex since 1989.
 Public sector financing and a $820,000 equity investment will allow DHIC to rent the Avonlea apartments at $200 per month below rates for comparable units. The monthly rent for the two-bedroom unit is $355 and the three-bedroom unit rents for $425.
 Financing for the development was a collaborative effort with the City of Raleigh, First Citizens Bank and Central Carolina Bank participating as lenders in the development. First Citizens provided construction financing and CCB will provide permanent financing through a low interest advance secured through the Affordable Housing Program of the Federal Home Loan Bank of Atlanta.
 The Enterprise Social Investment Corporation of Columbia, Md., participated in the project as an equity investor. ESIC has sold federal low income housing tax credits to corporate investors which include Freddie Mac, World Book Inc., Bank One, McCormick Company and BP America.
 Avonlea is designed to provide high-quality, yet affordable, rental housing for families with annual incomes of less than $25,100. Occupancy is limited to families with incomes of less than 50 percent of the median income of the region.
 The developer, the Downtown Housing Improvement Corporation, is a private, not for profit builder of affordable housing. In business since 1974, DHIC's recent developments include the renovation of the historic Murphey school and the construction of Chadwick Apartments in Garner for senior citizens. DHIC receives ongoing financial support from the City of Raleigh.
 After the dedication ceremony, a number of residents of Avonlea will open their homes to visitors. Hot dogs and snacks will be served to guests, neighbors and residents of Avonlea.
 Directions to Development
 Avonlea is located on Cape Breton Drive at the corner of Spring Forest Road and Hollenden Drive in Northeast Raleigh.
 From Downtown Raleigh take Capital Boulevard to Spring Forest Road. Take a right on Spring Forest and Avonlea is on the right directly across from East Mill Brook Middle School. The entrance is off of Hollenden Drive.
 -0- 10/28/93
 /CONTACT: Gregory F. Warren, executive director, of DHIC, 919-832-4345/
 (CCBF FCNCA)


CO: Downtown Housing Improvement Corporation; Central Carolina Bank;
 First Citizens Bank ST: North Carolina IN: HOU SU: PDT


CM -- CH004 -- 7745 10/28/93 09:17 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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