Piedmont Rentals consists of eight housing units located on East 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 (AMI), and in an effort to provide supportive services, DCLT used Section 8 Veterans Affairs Supportive Housing (VASH) vouchers to house two veterans on site.
The total project cost was $1,125,806. The City of Durham provided a Forgivable Construction/Permanent Loan in the amount of $447,806 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 was provided by a private lender ($318,000) as a first mortgage and NeighborWorks America as a grant in the amount of $60,000.
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