June 5, 2014 – Passage Home hosted a dedication ceremony and grand opening celebration for its newly renovated Coleman Street Apartments in downtown Raleigh on June 5. The project provides greatly needed affordable housing for the southeast Raleigh neighborhood.
The Coleman Street Apartments consist of 10 affordable apartment units for families living below 80 percent of the area median income, and eight apartments for families living below 40 percent of the area median income. The project is the result of Passage Home’s partnership with the City of Raleigh, Wake County Government and the N.C. Department of Commerce’s Neighborhood Stabilization Program.
The federal Neighborhood Stabilization Program provides funding to purchase and renovate foreclosed properties for resale or rental as affordable housing. The City of Raleigh acquired the Coleman Street property using NSP1 funds in July 2010. The property was then the site of 12 blighted, foreclosed apartment units.
Passage Home worked with architect LS3P and builder Monteith Construction to renovate the building into 18 affordable, two-bedroom units, two of which are fully handicapped accessible. Passage Home will own and operate the units and is leasing the land from the City of Raleigh for 100 years for $1 per year.
The $2.3 million development was financed using NSP3 funding from the City of Raleigh, HOME funds from the City and Wake County, and a loan from Paragon Bank.
Passage Home is a local nonprofit committed to breaking the cycle of poverty and homelessness for families in Wake County. The organization connects families and neighborhoods to resources and opportunities to enrich lives and set people on the path to economic stability. To learn more, visit http://www.passagehome.org.