Community and Business Development News

Sixty-eight low- and moderate-income families have new places to live, thanks to a private-public partnership that turned an abandoned and vandalized condominium development into a new apartment community.

The Enclave apartment community, which celebrated its grand opening Tuesday, is the largest rental project in North Carolina to be completed under the Neighborhood Stabilization Program, according to Iris Payne, who oversees NSP projects in North Carolina for the N.C. Department of Commerce.

The $10 million project included $1.4 million funneled to Winston-Salem and Forsyth County under the Neighborhood Stabilization Program, a federal grant program to rehabilitate abandoned and foreclosed properties, provide affordable housing for buyers and renters, and stimulate local real estate markets.

What is now The Enclave started as a condominium development. Twelve condos were built before the original developer ceased construction when the housing market collapsed with the economic recession. The abandoned development went into foreclosure and sat for years, becoming a haven for squatters and vandals.

A broad partnership that included city, county, state, and federal agencies, a local non-profit housing foundation, private banks and Miller-Valentine Group, a private developer based in Cincinnati, salvaged the development by rehabbing the trashed condos and building 56 more two- and three-bedroom apartments.

In addition to the NSP funds, the project was made possible through a combination of other local and federal funds, bank financing, and tax credits for developing low-income housing.

Mayor Allen Joines, speaking at the grand opening, praised the partnership that made The Enclave possible. “There’s a saying in development, ‘If it’s easy it would already have been done,’ ” Joines said. “In this case it took a lot of players to make it happen.”
Partners in the project are the city Department of Community and Business Development, the Forsyth County Housing Department, the N.C. Department of Commerce, the U.S Department of Housing and Urban Development, the N.C. Housing Foundation, the N.C Housing Finance Agency, RBC Capital Markets, CitiBank, Miller-Valentine Residential Development and Miller-Valentine Property Management.

Community and Business Development 

VIDEO - Enclave opening ceremony  

 

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