Home to Duke University and part of the Research Triangle Park, Durham, NC, is a rapidly expanding city that offers residents art, culture, and an abundance of recreational activities. This diverse city offers an ideal environment for families, as reflected by the steady population growth seen in the area over the past decade. The increasing population, combined with high occupancy rates and waiting lists at other affordable rental properties, has heightened the demand for additional affordable housing options.
Vermilion Townhomes is a recently constructed community of 60 affordable housing units targeted to families earning between 30% and 50% of the Area Median Income in Durham. The property consists of two- and three-bedroom units that range in size to accommodate families of varying sizes. Each unit comes equipped with standard amenities and offers residents ample storage space. The property also features a community building with a fitness center and computer room, a playground, and a covered picnic area with grills.
New Construction: 60 Units
Private Equity Investment: $3,892,111
Local Jobs Supported: 54
Local Government Revenue: $1,019,760
Workforce Homestead, Inc. (WHI) and Align Development, LLC, served as the developers for the property. The manager of WHI is Jim Yamin, who has extensive experience in affordable housing, having developed ten other Low Income Housing Tax Credit properties throughout North Carolina. WHI's co-developer for Vermilion Townhomes, Align Development, LLC, is managed by Charles L. Grant II. Mr. Grant has previously partnered with CAHEC to develop three properties that successfully created more than 120 combined units of affordable housing.
Vermilion Townhomes is situated just south of downtown Durham, close to several schools, parks, and shopping areas, making it an ideal spot for families to reside. This community offers both a prime location and top-notch amenities to residents and will ensure that families in the area have access to safe and affordable housing for years to come.