November 10, 2016
November 10, 2016- NDC Corporate Equity Fund XI announced a LIHTC closing for the $12,350,000 acquisition and rehabilitation of Rolling Hills Apartments. The project was completed in partnership with the City of Winston-Salem, Steele Properties and North Carolina Housing Finance Agency (NCHFA).
Built in 1971, the property is in need of a significant rehabilitation, to ensure it continues to be viable housing for low-income families. Rolling Hills consists of 110-units in 6 residential buildings, units are set aside for households whose income does not exceed 60% of the area median income. All units receive Project Based Section 8 vouchers. The unit renovations will include upgrades to pluming and sewer line repairs. There will be ADA conversions and new exterior doors to meet HUD standards. The flooring will be replaced and new window treatments will be installed. The apartment complex will be upgraded with a new mix of on-site amenities including an upgraded laundry room, renovated community room and office, as well as a new outdoor playground and tot lot.
Located at 770 Ferrell Court in Winston-Salem, Rolling Hills Apartments is in close proximity to amenities that include a local grocery store, shopping, recreation and various employment opportunities. Social Services, public transportation and public safety services are all within 2.5 miles of Rolling Hills.