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GREENSBORO — An apartment complex in northern Greensboro will get an update, thanks to federal stimulus funds.

Affordable Housing Management plans to renovate the 1960s-era apartments for low-income, disabled and homeless residents.

The $2 million project — which will be renamed Village Crossing — was made possible through $1.2 million in stimulus funds approved by the Greensboro City Council and funds from the North Carolina Housing Financing Agency.

“This is sort of a win-win,” said David Levy, executive director of Affordable Housing Management, a nonprofit. “It takes a property that was largely vacant and rundown and gets it back, recycled into being a productive use.”

Affordable Housing Management owns and manages 500 apartments in 13 complexes in Greensboro. The apartments are offered to residents who earn below the median income for local families.

In 2009, Greensboro received $2.6 million from HUD under the federal Housing and Economic Recovery Act of 2008, an early attempt by Congress to aid the faltering housing market.

In part, the city’s plan for the money calls for foreclosed or abandoned homes to be used for “permanent supportive housing” for the homeless or disabled.

The city has received and approved only one request to use the funds.

Affordable Housing Management plans to buy the foreclosed 20-apartment complex at 109 Greenbriar Road, between North Church and Elm streets south of Pisgah Church Road.

The nonprofit will close on the property this month, Levy said. Construction could begin in October.

“It will be a gut rehab,” Levy said. “We will be doing major work.”

The project will include a green component. The nonprofit is still working on the final design, Levy said, but it may include solar hot water heaters or lights.

When complete, five of the apartments will be designated for homeless or disabled residents. Another four will be targeted for those people.

All residents of the complex will earn 50 percent or less than the median household income in Guilford County, which in 2008 was $48,000.

A one-bedroom apartment will rent for $364 and a two-bedroom will rent for $475.

Contact Amanda Lehmert at 373-7075 or amanda.lehmert@news-record.com