DATE: Thursday, May 29, 1997                TAG: 9705290458

SECTION: LOCAL                   PAGE: B1   EDITION: NORTH CAROLINA 

SOURCE: BY JEFFREY S. HAMPTON, STAFF WRITER 

DATELINE: ELIZABETH CITY                    LENGTH:   59 lines

LAND AND FUNDS NOW IN HAND FOR LOW-INCOME SUBDIVISION

A year after it was first announced, the River City Community Development Corporation finally has the land and money to begin work on a 40-home subdivision exclusively for low-income families.

RCCDC officials celebrated with a small party Wednesday at the Holiday Inn just after closing on a loan for $205,228 from Centura Bank in Elizabeth City.

The money will buy nine acres on Walker Avenue and pay for part of the installation of streets and water and sewer lines.

``We're going to make every attempt to have the first five houses built by the end of the year,'' said an elated Lenora Jarvis-Mackey, director of RCCDC. ``A lofty goal - but a goal we think we can achieve.''

The public's interest in the project is nearly overwhelming. More than 100 families already have applied for a chance at one of the 40 homes. And Jarvis-Mackey has not even advertised.

RCCDC subsidizes the down payment with a $15,000 no-interest loan, eliminating the biggest obstacle to hopeful home buyers, experts say.

``We felt like this was a good opportunity to assist them (RCCDC) in meeting the affordable housing goals and filling that void,'' said Ben Berry, a senior vice president for Centura Bank.

The affordable homes, dubbed the Renaissance Subdivision, is the first ``brick and mortar'' project taken on by RCCDC, a nonprofit organization formed seven years ago to revitalize economically stunted, predominantly black neighborhoods. After years of smaller ventures, Renaissance Subdivision will be the crown jewel of RCCDC's efforts.

Centura Bank's loan was preceded by a state grant of $217,000 awarded to RCCDC on April 30. The grant also will help finance the construction of streets and water and sewer lines.

Jarvis-Mackey's recent excitement was the opposite of her emotions two months ago when RCCDC came close to losing the state grant and the option to buy the nine acres. The project appeared ready to collapse.

In early February, Jarvis-Mackey suddenly changed directions and pursued building low-rent apartments with a Raleigh developer. The Elizabeth City Council, who applied for the grant on RCCDC's behalf, threatened to withdraw its application. Local developer Diana Gallop also was about to withdraw RCCDC's option to buy the Walker Avenue property.

Jarvis-Mackey dropped the apartment project and refocused on the subdivision.

RCCDC will build the first five homes with another $250,000 loan from Centura Bank. As the homes are sold, the money will be used to build more homes, said Rodman Moore, financial services officer at Centura Bank.

Moore said the loans will be available to families that make $30,000 or less and have a good credit rating. He said RCCDC has already selected five applicants.

The homes will be a maximum of 1,200 square feet and range in price from $67,000 to $70,000.

RCCDC is holding home buyer seminars on the third Thursday of every month, Jarvis-Mackey said. She had not established the time and place of the next meeting. Last month, 45 people attended the seminar.

The seminars educate people on credit, owning versus renting, employment stability, selecting and maintaining a home.

For information, call 331-2925.

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