The Triangle-based affordable housing nonprofit CASA is proposing to build a new 24-apartment complex reserved specifically for Durham Public School teachers. CASA has submitted its proposal to the State Employees Credit Union for financing.CASA's Director of Resource Development Missy Hatley says they looked to similar projects. SECU has helped to finance similar projects in Hertford and Buncombe Counties.
"We feel very excited and hopeful about it, because it would add affordable rental housing that is desperately needed," Hatley said. "The average rents in Durham are higher today than they were three weeks ago, and they'll probably be higher tomorrow."
The complex would open in 2020 on a site owned by Durham Public Schools near Lowe’s Grove Middle School. Hatley says affordable housing is badly needed in the Durham area.
The average monthly rent for a one bedroom apartment in Durham exceeds $1,000. First-year teachers in Durham Public Schools have an income of less than $40,000.
Hatley says it could become the first phase of affordable housing developments in Durham for public school teachers.