U.S. Rep. Ted Budd announced $1.5 million in affordable housing grants for his district Wednesday including a 30-unit apartment project in Greensboro.
The Republican congressman said the grants of $500,000 each to lower-income, multifamily developments in the Gate City, Winston-Salem and Salisbury will "make a real difference in our community."
“Helping people afford a place to live and raise their family is among my top priorities in Congress," said Budd, R-Advance.
Budd represents the state's 13th Congressional District that includes parts of Guilford, Forsyth and Rowan counties.
The money was awarded by the Federal Home Loan Bank of Atlanta as part of its affordable housing program. In a news release, the federal agency said the three projects together carry a total price tag of about $22 million.
The Greensboro grant went to the "Partnership Place" project in Greensboro, which aims to buy and rehab a 30-unit rental property with a total redevelopment cost of about $2.4 million.
Bank officials said the project entailed the "acquisition and rehabilitation of an abandoned, affordable housing development."
The project is being sponsored by Partnership Homes Inc., a local nonprofit. When complete, it will offer affordable rents to people who earn 30 and 50 percent of the area's median income, the bank said.
The Winston-Salem grant went to the 52-unit Aaronfield at Miller's Creek development that plans to offer rents affordable for families with "low and very low" incomes, according to bank officials.
In Salisbury, the federal grant was earmarked for the development of an $11.5 million, 80-unit complex for people with incomes up to 60 percent of the regional median.