New affordable housing, investment celebrated in Logan Community
Thursday, March 24, 2016

CONCORD – This week, City of Concord officials and community members celebrated the opening of Hilltop Plaza, a more than 2,000 square-foot duplex located at the corner of Shannon Drive SW and Hilltop Avenue SW in Concord's Logan Community.

Hilltop Plaza (196-198 Shannon Drive SW) is one of several projects constructed with funding from the US Department of Housing and Urban Development (HUD), which provides grant funds to the City of Concord under the HOME program for new construction and rehabilitation of affordable housing.

The duplex contains two 1,034 square-foot units, each with two bedrooms, two bathrooms, a covered porch, and rear patio. Other features include attractive, durable interior finishes, a crawlspace foundation, and HardiePlank® lap siding. Both units meet advanced energy system requirements, providing high energy efficiency and lower utility bills for the occupants.

Both units are currently leased, with occupants paying fair market rent as determined by HUD's Office of Policy Development and Research. This new property serves as a revenue stream for Housing Department operations, which is important in maintaining a sustainable portfolio of affordable housing properties and services.

The project was the latest developed in a partnership between the City's Planning and Neighborhood Development and Housing Departments. As the administrator of federal affordable housing grant programs, the Planning Department is able to provide assistance to individuals and agencies such as the Housing Department. Some properties constructed with HOME funds are sold to qualified first-time homeowners. Under this scenario, the HOME funds build fair market rental properties, and the Housing Department uses the revenue to pay debt service over 15 years.

Similar projects previously occurred at 374 Maiden Lane, 160 Princess Street, 86 Ring Street, 271 Hilltop Avenue, and 273 Hilltop Avenue. The City of Concord looks forward to future partnerships to provide affordable housing and community investment.