May 19, 2020 — Boston Capital is investing in the development of Aaronfield at Miller’s Creek, a 52 unit development for families in Winston-Salem, North Carolina. The general partner is Brock Ventures, Inc., based in Annapolis, Maryland. Aaronfield at Miller’s Creek will serve families earning 60 percent or less of the Area Median Income (AMI).
Located on more than five acres, Aaronfield at Miller’s Creek will feature eight one-bedroom, 29 two-bedroom and 15 three-bedroom units. Six units will serve mobility-impaired residents and six units will be set aside for persons who have special needs or are homeless.
“Winston-Salem and its surrounding communities feature strong and diverse local economies, growing populations, and high demands for affordable housing,” said Jack Manning, president and CEO of Boston Capital. “We are excited to partner with Stephen Brock of Brock Ventures in the construction of Aaronfield at Miller’s Creek which will create much-needed affordable homes for families and individuals.”
The development will include a 600 square-foot common area featuring a multi-purpose room with resident computer workstations, a kitchen and a laundry room. Exterior amenities will include a children’s playground and a covered picnic area with tables, outdoor seating and grills. Units will feature dishwashers, energy efficient heating and air conditioning, walk-in closets, washer/dryer hookups, a pantry and outside storage rooms.
The apartment community will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. To date, Boston Capital has invested in nearly 8,000 affordable apartments in North Carolina.
“The COVID-19 pandemic has amplified the affordable housing crisis already facing our country,” added Mr. Manning. “Through the construction and preservation of additional housing units through the LIHTC program and other critical housing programs, we can address this growing shortage and help to fulfill the ever increasing need for safe and affordable housing.”
About Brock Ventures, Inc.
Brock Ventures, Inc. is a real estate development services firm focused on affordable rental housing. Stephen Brock founded Brock Ventures, Inc. in 2006 to help address affordable housing needs through new construction and adaptive reuse/preservation of historic buildings.