4-'!HE CARO -.A
Grand Opening Of Edgemont Elms
Apartments Held
Edgemont Elms Limited
Partnership (HELP) held a grand
opening ceremony for Edgemont
Elms Apartments on May 16.
Edgemont Elms is a community of
58 high-quality and affordable
apartments, located at the 900
block of Angler Avenue. The
developer and general partner for
the apartment community is
Development Ventures, Inc. (DVI),
a non-profit corporation established
by the Board of Commissioners of
the Durham Housing Authority.
The project is part of the City Oi
Durham’s redevelopment plan for
the Edgemont Community.
ConsUuction began in July, and
the first 17 apartments were
available for leasing in April, all of
Mrs. Keen
(Continued From Page 3)
She also said that these people,
because of unfounded rumor, do
not get a fair shake. Since her
arrival, Mrs. Keen says, "There has
been no problem with break-ins or
incidents of violence" to her
knowledge. She insists that the
Edgemont Community Center
demands respect from ihc residents.
Mrs. Kern believes tluii nil these
residents need is some direction
and someone to guide Ihem down
the road toward iiKle|K'ndense tintl
success. "1 am that liaison.' she
says.
The Edgemont Community
Center operates Monday through
Friday ettch w'cek from 8;30 a.m. to
7 p.m. The homework program is
operative Monday through
Thursday from 3 to 7 p.m.
which have now been leased. The
remaining units are units with a
range in floor area between 900 and
1,100 square feet. The units have
washer/dryer hook-ups and many
other quality features. There are six
one-story units for the
handicapped. The rent is $298 for
two bedroom units and $328 for
three bedroom units.
The apartments are for low to
moderate income households (two
or more members) meeting certain
income requirements The major
requirement is that that household
income must not exceed 50% of the
area income, based on family size
($20,150 for a family of four).
To finance the project, DVI, the
general parmer, received $873,(XX)
in equity from the sale of low-
income housing lax credits. The tax
credits were purchased by the
National Equity Fund, the limited
partner. The Mutual Savings and
Loan Association in tandem with
Mechanics and Farmers Bank,
made the first mortgage of
$832,0(X). The second mortgage of
$1,057,000 was made by the City
of Durham at no interest. The third
mortgage of $60,000 was made by
the North Carolina Housing
Finance Agency under the catalyst
loan program. The City of Durham
has also made a CDBG Grant of
$300,000 to cover a portion of the
site work. A construction loan of
$1,000,000 was made by the
financial institutions who provided
the first mortgage. Duke University
made a bridge loan of $873,000.
The Affordable Housing
Coalition, comprised of local non
profit housing providers, took the
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Peace Officers Memorial
Set For Friday
Police Chief Trevor Hampton has
announced that the Durham Police
Department wil conduct its Peace
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Friday, May 18, at 12:00 noon, in
front of the main entrance of the
Durham Police Department.
Chief Hampton invites the public
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The guest speaker will be Mayor
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