Built on 20 acres in 1950, Washington Terrace was already in need of a major renovation when it fell into foreclosure in 2012. There were 13 bidders on the project, and DHIC, Inc. won the bid due to its commitment not to displace existing tenants combined with its mission to retain affordable housing in the area. With a $3 million acquisition loan from Community Housing Capital, to purchase Washington Terrace, a 245-unit apartment complex in Raleigh, NC. The deteriorating and obsolete apartments were slowly and thoughtfully redeveloped into 350 units adjacent to St. Augustine's University. The community now provides expanded housing opportunities for low-income residents and new opportunities in developments that support homeownership.
The DHIC plan for the Washington Terrace Apartments has had a transformative effect on the College Park Idlewild redevelopment area. The approximately 130 properties in the adjoining East College Park redevelopment area, directly to the south of Washington Terrace, provided a rare opportunity to transform an under-served community and to provide quality, safe, and affordable housing to replace the 66 existing buildings with over 300 mixed-income, mixed-use homes for renters and first-time home buyers. DHIC plans included green and healthy features into the master site plan to meet mission-driven outcomes and to maximize green and healthy components.
DHIC, Inc., is a nonprofit and developer and owner of affordable multifamily rental properties and single-family affordable for-sale homes. Since 1974, DHIC has built or renovated more than 2,700+ rental apartment homes that remain remarkably affordable for seniors, families, and individuals. As the most experienced and active nonprofit housing development organization in the region, DHIC also has built more than 400 residential homes for sale while serving thousands of individuals and families with housing support services. Gregg Warren, President of DHIC, Inc., serves on CHC's Board of Directors.
