Winston-Salem Dishes an Assist for 115 Unit Apartment Development

The Winston-Salem City Council voted at it’s last meeting in December to provide financial assistance for a 115-unit apartment development:

An proposed 115-unit apartment project downtown received an assist from the city Monday when the Winston-Salem City Council approved $1.25 million in loan financing…

Laurel Street Residential LLC of Charlotte and Goler Community Development Corp. based here are teaming up to develop the site, which is on a dead-end section of North Chestnut Street just south of Martin Luther King Jr. Drive.

A key part of the plan is a provision for what is called affordable or workforce housing: Dwellings for households that make 80 percent of the average area median income.

The complex is planned to have 14 studio units, 83 one-bedroom units and 18 two-bedroom units.

Rents on the market-rate units will range from $1,045 to $1,445 a month. Rents will be lower on the affordable housing units: $757 a month for the studio units and $841 a month for 15 one-bedroom units…

The developers are agreeing to set aside 25 percent of the apartments for affordable housing during the first 10 years of the life of the development, and 15 percent of the apartments for a 20-year period after that.

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