Woda Cooper Companies, Inc. recently hosted a groundbreaking at the future site of Iris Ridge, a 50-unit affordable housing community for seniors coming to Raleigh, NC.
This $15.7M development will help address the shortage of affordable housing in Raleigh, which faces a severe affordable housing and homelessness crisis (Source). Wake County and surrounding areas face a deficit of nearly 28,000 to 60,000 affordable housing units for low-income households. (Source)
The three-storyIris Ridge will feature 17 one-bedroom and 33 two-bedroom apartments for seniors. It will serve residents who earn 20% to 80% of the area’s median income, with monthly rents ranging from $292 to $1,290 for a one-bedroom and $326 to $1,616 for a two-bedroom.
Amenities will include a covered patio with seating, gazebo, multi-purpose room, fitness room, computer room, tenant storage areas and more. The community will be completed in late 2027.
Iris Ridge is possible with funding supported by Low-Income Housing Tax Credits allocated by the North Carolina Housing Finance Agency (NCHFA) which also provided the third mortgage. “Safe and affordable housing is vital to North Carolina seniors, and the NCHFA is proud to celebrate the groundbreaking of Iris Ridge,” said Scott Farmer, Executive Director NCHFA. “With financing through the Low-Income Housing Tax Credit and the Workforce Housing Loan Program, this development is a prime example of how strategic investments can create affordable housing opportunities for those who need it most.”
CREA, LLC, is providing the tax credit equity investment in the project. “CREA is pleased to partner with Woda Cooper to bring Iris Ridge to life in Raleigh,” said Adam Lavelle, SVP, Originator, CREA. “At its core, Iris Ridge is about creating a community where residents can feel connected, supported and at home. Developments like this are made possible through strong partnerships and a shared commitment to expanding opportunities for others. We are proud to work alongside Woda Cooper, First Citizens Bank, and our fellow partners to bring this vision to life. First Citizens Bank played an integral role in making the financing possible, helping ensure Iris Ridge can provide quality affordable housing, valuable resources and long-term stability for residents and families in Raleigh.”
The first mortgage was provided by Security Bank & Trust Co. “Security Bank & Trust is pleased to provide first mortgage financing for Iris Ridge, helping house seniors in Raleigh. Partnering with Woda Cooper and other funding organizations allows us to support quality housing that strengthens communities and provides older adults with an opportunity to age with dignity and stability,” said Brian Kissell, Chief Executive Officer, Security Bank & Trust Co.
The second mortgage was provided by the City of Raleigh and First Citizens Bank provided the construction loan.
“We’re thrilled to be breaking ground on our first affordable community in Raleigh,” said Tommy Lowmon, Senior Vice President, Woda Cooper Companies, Inc. “Iris Ridge is our 21st community in North Carolina, and we are really grateful for our partners here that support affordable housing development. Together, we are making a difference.”
The architect for Iris Ridge is Raleigh-based TightLines Designs, Inc., the general contractor is Woda Construction, Inc., and Mc2 Engineering, Inc. is the civil engineer. For more information, visit https://www.wodagroup.com.
