Affordable Housing Constructed by Crosland Is Recognized with Maxwell Award for Excellence

Charlotte, N.C., April 18, 2002 - A 32-unit apartment complex built by Crosland’s contracting division in Davidson, N.C., has been recognized by the Fannie Mae Foundation with the Maxwell Award for Excellence. Established in 1988, the awards program annually recognizes and showcases the outstanding work of non-profit organizations that develop and maintain housing for low-income Americans. Only six such honors were bestowed in the nation for 2002.

The Bungalows were developed by The Affordable Housing Group in partnership with the Davidson Housing Coalition. Charlotte-based Crosland was named to build the project. The diversified, privately held, real estate company has been known since its founding in 1937 for management’s commitment to providing affordable housing options for those of modest means, having most recently been recognized in March with the Urban League’s Whitney M. Young Award for these initiatives.

An Appealing Product for a Special, Under-Served Market

According to TAHG executive director Dean Edwards, “We have had a relationship with Crosland since the early ‘90s. We are always impressed with their tremendous responsiveness and ability to bring a quality product in on time. There is not much comparison between them and other builders.”

Gregg Hendershot, president of Crosland’s contracting division says, “This was a particularly rewarding undertaking for us. We built an appealing product for a special, under-served market while working with a talented development team that value-engineered the entire process. We’re pleased to see the project recognized in this way.”

The Bungalows venture was termed “a triumph of consensus” by Maxwell Award judges. With land donated by the town of Davidson, the two non-profit organizations worked together with the town planning staff and project architect to host community charettes. These community meetings resulted in a design that seamlessly integrates The Bungalows into the neighborhood with a scale, streetscape and architectural style that complements the historic character of the community.

The $2.5 million project features multi-family housing that looks like single family, bungalow-style homes. Interpreted primarily in American vernacular and carpenter styles, the apartment homes are modest in nature and indigenous to the 1880-1920 period. Each apartment has a distinct and separate entrance. Space is defined with stoops, porches and planting strips that separate each entrance from the street. Each building has its own individual identity, created by modifying colors, dormers, stoops and other architectural elements.

There are 32 apartments in seven three-plex buildings and two six-plex anchor buildings.Floor plans include 22 two-bedroom apartments, seven three-bedroom apartments, and three with one bedroom. The project also includes an onsite management office and community room. According to Burgess Design Studio architect John Burgess, “People can’t believe this is ‘affordable housing.’ It’s more attractive than many market-rate offerings!”

In response to need shown in a market study, The Bungalows were built for those who earn up to 50% of the area’s median income, approximately $30,000 for a family of four. Financing for the project included a Federal Home Loan Bank grant and a HOME grant loaned to the project by DHC, a first mortgage from First Charter Bank, a Rental Production Program loan through the North Carolina Housing Finance Agency, and tax-credit equity.

“When you’re building this kind of project, there are strict budget requirements,” Burgess says.“Crosland did an excellent job in this regard. They understood how to build a complicated design within budget and made a big contribution to the success of The Bungalows.”

The Affordable Housing Group is a 36-year-old non-profit organization based in Charlotte, N.C., supporting the development and construction of affordable housing in North and South Carolina. It provides technical assistance and development expertise to community-based organizations for the production of single-family and multi-family affordable housing. In addition, TAHG aids in the development and application of creative financing plans to produce housing that maintains its long-term affordability.

The Davidson Housing Coalition is a non-profit corporation established in 1997 by the town board of Davidson, N.C.It currently serves as the main force insuring that moderate-income families can afford housing in Davidson, now and in the future.

Named for former Fannie Mae Chairman and CEO, David O. Maxwell, The Maxwell Award of Excellence for Affordable Housing is an annual award presented by The Fannie Mae Foundation. The award seeks to identify, promote and reward the outstanding work of non-profit organizations that develop and maintain affordable housing in urban neighborhoods, metropolitan communities small cities and rural areas.

A private, non-profit organization supported by Fannie Mae, The Fannie Mae Foundation creates affordable homeownership and housing opportunities through innovative partnerships and initiatives that build healthy, vibrant communities across the United States. More information is available at www.fanniemaefoundation.org.

FOR MORE INFORMATION CONTACT:
Elizabeth Donahue, Corder Philips & Wilson 704/378-2118, edonahue@cpwadv.com