Greensboro to Loan Developer Money for Ashley Creek Renovation

From the Greensboro News & Record:

The city will loan private developers $391,251 to help renovate a dilapidated and flood-prone apartment complex.

The City Council voted 5-4 this week to give the private developers the low-interest loan to fix up Ashley Creek Apartments, a complex off Pinecroft Road where eight buildings have condemned units because of chronic flooding.

The loan will be backed by a personal guarantee from one of the investors, Jim Anthony, according to city staff.

The city council’s final debate about this project actually aired some very interesting issues related to the project, particularly as it related to the city’s approach to making sure that affordable housing options remain viable in the city. You can view the debate here.