Greensboro Debuts Affordable Housing Community

An affordable apartment home community is completed and open for residents in Greensboro. The 84-unit Lofts at Elmsley Crossing Apartment Community, at 420 Kallamdale Road, was created by a public-private partnership between development partners Trinity Housing Development, Central Developers, and Halcon Companies, with investor and lenders, Merchants Capital, the City of Greensboro, and the NC Housing Finance Agency. The project cost just under $20 million to build with funds gathered from a number of sources.

The community was built with an allocation of $2,520,000 of City of Greensboro HOME funds, , approximately $3,309,600 in loans from the North Carolina Housing Finance Agency, as well as close to $3,560,000 in conventional financing through Merchants Capital. Merchants Capital also provided $9,411,711 in equity in the purchase of housing tax credits. The construction loan for the development was provided by Merchants Bank as well. The apartments are located at 420 Kallamdale Road, in Greensboro.