Officials and residents gathered outside the office of Cooper Terrace Apartments, which opened several months ago and already has a waiting list of people who wish to reside there, to formally cut the ribbon and celebrate the completion of the project.
Hollis Fitch, with Flatiron group, the contractor for the project, opened the short ceremony prior to the ribbon cutting by thanking the many people involved in making the project possible. The apartments are part of a drive to bring affordable housing to North Carolina residents, which means the complex is income limited, meaning a resident can’t make over a certain amount of income based on the number of people in the family to be able to rent an apartment.
Those involved in the project included the North Carolina Housing Finance Agency, Yadkin Bank, Cahec equity providers, Steel Group Architects and WB Architects.
“This is proof the economy is coming back, and there is investment in our town and people want to live in a clean, nice environment,” said Elkin Mayor Lestine Hutchens. “The investment here is wonderful. .. I’m so proud you are full and all the people who had part of this.”
Those addressing the gathered crowd included Myra Cook, president of the Yadkin Valley Chamber of Commerce, and Van Hamlin with Yadkin Bank, which provided the construction and permanent loans on the project.
Paul Kennedy with the North Carolina Housing Finance Agency also explained to those attending what his agency does and why it is important to the residents of the state who might not otherwise be able to have access to nice affordable housing.
He said the agency, since its inception, has been able to help provide nearly 240,000 affordable homes and apartments with $17.4 billion in investment.
The Cooper Terrace project was a $7.2 million development project, Kennedy said, and included $1.8 million in tax credit loans and $4.3 million in actual tax credits, he reported, as he thanked elected officials of Wilkes and Surry counties in Raleigh and Washington, D.C., for their part in making the funds available to assist with the project.
“These investments create jobs and support communities,” Kennedy said. “The agency is proud to be part of this.”
Following the ribbon cutting, two of the Cooper Terrace residents opened their apartments up for tours, and refreshments were available in the office.
Elkin native Alisa Shaffer is the site manager for the property.
Wendy Byerly Wood may be reached at 336-258-4035 or on Twitter @wendywoodeditor.