Crosland Secures $8.75 Million in Federal Tax Credits to Redevelop Dalton Village

Charlotte, N.C. – September 13, 2000 – Crosland Properties, a division of The Crosland Group, Inc., has secured $8.75 million in federal tax credits over the next ten years to provide the majority of the financing to redevelop 144 units on the site of the former Dalton Village, a Charlotte Housing Authority community on West Boulevard at Clanton Road.

The Dalton Village project, renamed Arbor Glen, will consist of more than 300 apartments and 54 single-family homes when all the potential phases are completed. The first phase of redevelopment began before Crosland’s involvement in the project and involved renovating 50 existing apartments at Dalton Village. The remaining 246 Dalton Village units were razed to make room for Arbor Glen’s new construction.

Of Arbor Glen’s first 144 new units, 92 will be 2- and 3-bedroom garden apartments for families, and 52 will be 1-bedroom, pinwheel quadplexes reserved for seniors. All of Arbor Glen’s units will be reserved for households earning less than 60 percent of Charlotte Mecklenburg’s median income of $57,100, with some units reserved for households earning considerably less. This phase of Arbor Glen’s new construction will begin in winter 2000 and is projected for completion in mid- to late-2002.

“We feel very positive about this project and its ability to provide a high quality of life for lower income families and senior citizens,” said Roger Lewis, vice president and development manager of Crosland Properties. “Arbor Glen is not just an affordable housing community. It is a Crosland community with well-designed apartments and cottages, amenities and the quality lifestyle that Crosland instills in all of its communities. We are pleased to have been selected by the Charlotte Housing Authority to be the primary developer, builder, and property manager for this community.”

Crosland Properties has participated in affordable housing projects since the early 1970s. In addition to Arbor Glen, Crosland currently is building three other affordable projects: Troon in Beaufort, North Carolina; Weatherstone Park in New Bern, North Carolina; and the Bungalows at Davidson in historic Davidson, North Carolina. Crosland also manages seven affordable-housing properties: Dobbins Hill in Chapel Hill; Fairmarket Square, Fairmarket Plaza, McMullen Wood and Summerfield in Charlotte; ARP Manor in Gastonia; and River Glen in Augusta, Georgia.