Piedmont Rentals consists of eight housing units located on E. Piedmont Avenue in the Southside neighborhood. As the developer, Durham Community Land Trustees (DCLT) renovated the units which range from 1,227 to 1,894 square feet. All units house persons with incomes at or below 60% of the Area Median Income, and in an effort to provide supportive services, DCLT used Section 8 VASH vouchers to house two veterans on site.
The total project cost is $1,125,806.00. The City of Durham provided a Forgivable Construction/Permanent Loan in the amount of $447,806.00 in HOME funds and a Forgivable Construction/Permanent Loan in the amount of $300,000.00 in Dedicated Housing Funds. The remainder of the funding for the project is being provided by a private lender ($318,000.00) as a first mortgage and by NeighborWorks America as a grant in the amount of $60,000.00.
DCLT is now ready to begin construction of an additional rental unit on site to complete the project.