As progress continues in the mission to increase affordable housing options in and around downtown Durham, the City of Durham and the Forever Home, Durham initiative are proud to share news about an affordable housing development outside of downtown.
The Acadia is currently under construction at 5608 Crescent Drive in the Woodland Acres neighborhood near Farrington Road and Highway 54. The completion date for the new multi-family property is projected for early July, 2023. Developed by Laurel Street Residential, The Acadia will include 82 apartments with one, two or three bedrooms. Eighteen units will be reserved for households earning up to 30% of the area median income (AMI), 42 units will be for those earning up to 60% of AMI, and 22 units are for residents earning up to 80%.
The two-parcel, two-acre property site was owned by Beacon Properties Group and donated by the market-rate development company as part of an agreement with the City of Durham. Funding sources for the nearly $18.5 million project include federal low-income housing tax credits, the North Carolina Housing Finance Agency, the City of Durham, 1st Mortgage and Laurel Street Residential.
Each apartment at The Acadia is built with modern materials and finishes, plus energy efficient features including new Energy Star appliances. Located in a naturally wooded setting in a growing area of southwest Durham near Chapel Hill, this new development is an example of how the partners powering Forever Home, Durham are addressing the need for affordable housing in suburban environments as well as in and near downtown.