Congressman David Price (D-4th) joined Wake County’s largest non-profit affordable housing developer, DHIC Inc., to celebrate the completion and dedication of Highland Village, a $33 million, five-phase, mixed-income community in Cary featuring 230 affordable apartments for seniors and families and 48 market-rate townhomes.
The NeighborWorks® Week event and community celebration was held on June 16. The free outdoor event featured food catered by the Q-Shack, a performance by the Cary Senior Dancers, a resident bake-off, music, door prizes and more.
Congressman Price, a long-time supporter of affordable housing, DHIC and NeighborWorks® America, was joined by guest speakers A. Robert Kucab, Executive Director of the N.C. Housing Finance Agency; Wake County Commissioner Ervin Portman; and residents of Highland Village.
“Making sure people have access to affordable housing near where they work, put down roots and raise children is crucial to our sense of community,” Rep. Price said. “The completion of Highland Village is a prime example of what public-private partnerships can do to find housing solutions for citizens of all ages.”
Together, the five phases of Highland Village, built over 10 years, represent the largest development with affordable housing components in the Town of Cary’s history, a remarkable accomplishment in one of the highest-priced real estate markets in the state. Highland Terrace, the fourth phase completed in the development, is DHIC’s and Wake County’s first award winning, LEED-certified (GOLD) multi-family development.
“We are proud to have contributed to the Town of Cary’s growth and sustainability with the addition of 230 affordable, high quality apartments and forty-eight homeownership opportunities for people with moderate incomes,” said Gregg Warren, President of DHIC.
The Highland Village community includes 180 affordable apartments restricted for seniors age 55 and older; 50 apartments restricted to households and families earning less than 60% of area median income; and 48 townhomes, sold at market-rate but priced affordably to attract moderate-income buyers. The average income for Highland Village renters is less than $20,000 and the current waiting list has over 174 names.
In addition to NeighborWorks® America, funders that helped make Highland Village possible include the Town of Cary, Wake County, the U.S. Department of Housing and Urban Development, the N.C. Housing Finance Agency, CICCAR, Enterprise Community Partners, RBC Capital Markets, Mechanics & Farmers Bank and others. Ultimately, DHIC worked with over 30 public and private funding sources to assemble over $33 million to successfully complete this project.
For more information about DHIC, visit http://www.dhic.org/.