Rocky Mount, North Carolina, March 11, 2024 – Woda Cooper Companies, Inc. hosted a grand opening and ribbon-cutting today at the new 50-unit Five Points Crossing located at 213 Rose Street.
Officials from the City of Rocky Mount, including Mayor Sandy Roberson, joined the developer and representatives of the North Carolina Housing Finance Agency (NCHFA), the North Carolina Office of Recovery & Resiliency (NCORR), and other invited guests for remarks and tours, in addition to the ribbon-cutting ceremony.
Woda Cooper Companies, Inc. was selected by the City of Rocky Mount who enlisted the UNC School of Government after Hurricane Matthew to help guide rebuilding affordable housing on a downtown city-owned parcel.
“I am grateful for the partnership of Woda Cooper Companies in bringing high-quality affordable housing to our city,” said Rocky Mount Mayor Sandy Roberson. “Five Points Crossing is a key component of our re-imagining of the downtown core with the energy and excitement new residents and visitors to the Rocky Mount Event Center bring.”
Five Points Crossing is a 4-story, $9.5 million facility. It provides 50 high-quality affordable apartment homes restricted to residents who earn up to 60% of area median income. That equates to approximately $29,760/year for a one person household, $38,280/year for a three person household or $42,480/year for 4 persons. Current rents are $500/month for 1-bedroom units and $564/month for two-bedroom units.
The community offers 28 one-bedroom units and 22 two-bedroom apartments, with six units with features for those with disabilities. There is an elevator, community room with kitchenette, and a fitness room. Outdoor amenities include two covered balconies with views of the historic downtown, a playground, and a covered picnic area with BBQ grills.
“Five Points Crossing is yet another example of the exceptional affordable housing that can be developed when partners come together with a common goal,” said Scott Farmer, Executive Director of the NCHFA, who allocated Low-Income Housing Tax Credits to Five Points Crossing.
“We are proud to be a part of this development along with Woda Cooper, the City of Rocky Mount and the North Carolina Office of Recovery and Resiliency, and we look forward to the ways it can make lives better for North Carolinians,” Farmer concluded.
NCHFA and NCORR worked together to provide additional funding through the issuance of Tax-Exempt Bonds and the allocation of a Community Development Block Grants for Disaster Recovery (CDBG-DR). “The opening of this development brings full circle NCORR’s commitment to supporting North Carolina communities with long-term disaster recovery,” said the NCORR’s commitment to supporting North Carolina communities with long-term disaster recovery,” said the NCORR Director Laura Hogshead. “The use of federal disaster recovery funding to replace housing in hurricane-impacted areas of our state will make this area and others like it safer and more resilient to future storms.”
Merchants Capital invested in the tax credits to provide equity financing and its affiliated bank supplied construction financing. “Many people collaborated in this effort to deliver much-needed affordable housing to the community of Rocky Mount, North Carolina,” said Josh Reed, EVP of LIHTC Acquisitions at Merchants Capital. “It is humbling to see this work come to fruition. Merchants is proud to provide the equity and equity bridge loan for Five Points Crossing, and we appreciate our continued partnership with Woda Cooper Companies.”
Private lender RiverHills Bank provided an additional permanent loan.
Woda Cooper Companies’ Senior Vice President-Development Denis Blackburne led planning for Five Points Crossing and says its locations and many amenities, plus affordability, will benefit residents in Rocky Mount. “Five Points Crossing has many amenities and features residents appreciate and the downtown location is convenient for jobs, cultural events, and many services and businesses, all with affordable rents for residents who earn 60% of area median income or less,” he said.
Architecture for Five Points Crossing was performed by TightLines Designs of Raleigh, with civil engineering by Baldwin Engineering. Woda Construction, Inc. was general contractor. Leasing and property management is handled by Woda Management & Real Estate. For more information, call 252-382-9400 or visit www.wodagroup.com.
FWoda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family communities, senior communities, and single-family homes. The company was founded in 1990 and now has operations in 17 states and a portfolio of 330 communities and 16,000 units operating or under construction. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. Woda Cooper Companies has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Queenstown, MD; Mackinaw City, MI; Columbus, OH; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 7th in nation among Developers and 21st among Owners in 2023.
About Woda Cooper Companies, Inc.
