July 23, 2018
July 2018- NDC Corporate Equity Fund XIV announced a LIHTC closing for the second phase of the redevelopment of Ponemah Mills, one of the largest cotton mills in the country that is being transformed into a mixed-use project, driven by affordable housing.
Ponemah Mills is on the National Register of Historic Places and is situated in The Last Green Valley, a National Heritage Corridor. When complete, the entire 7.4-acre campus—consisting of 5 buildings for a total of 650,000sf—will also include a museum, a multi-media event space, community gathering space with a kitchen, a waterfront park, and fitness center. The project will be completed in three phases.
Phase II will create 74 LIHTC units offered to residents 25%-60% of the AMI and 47 market-rate units. The LIHTC unit rents will range from $307‐921 for the one‐bedroom and $354‐1,089 for the two‐bedroom units. Market rate rents will range from $1,095‐1,624 with one, two and three bedroom sizes available.