Transformation Venture Capital Board of Directors approved a motion that directed the secretary and attorney to begin talks with Evergreen (-Cardinal) so TVC can gain full control of Craven Terrace apartments in New Bern, NC.
Shortly after the Housing Authority of the City of New Bern Board of Commissioners met on June 15, 2026, the same people – Reginal “Reggie” Barner, Sabrina Bengel, James Copland, Scott Coghill, Daimon King, Jennell Reddick — met as the board of directors for the Transformation Venture Capital at Stanley White Recreation Center in New Bern, NC. They appointed Judy Pierce and Kimberly White to the board.
TVC, a North Carolina nonprofit corporation, was established by the Housing Authority in 2012 to convert public housing subsidy into Section 8 housing through the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) process.
The privatization and renovation of 361 public housing subsidy units using Low Income Housing Tax Credits and other tax credits began in the city of New Bern, NC in 2016. Two years later, it was reported that some units were demolished and the project involved the rehabilitation of 313 apartments. The nonprofit instrumentality of the housing authority currently owns the land and Evergreen owns the buildings.
On Monday, Interim Executive Director/Development Consultant Reggie Barner and Attorney James Norment told the TVC board that they will have the option of buying the units from Evergreen Partners and the board unanimously voted to direct Barner and Norment to begin talks with Evergreen.
Editor’s note: Official have talked about a 15-year compliance period for Craven Terrace over the years. The original article noted the end of the 15-year compliance period is approaching, and they will have the option of buying the units from Evergreen Partners. Reggie Barner told NewBernNow.com on June 18, “The timeframe for the end of the 15-year compliance is not eminent and has not been determined without further research with Evergreen. The Board only authorizes us to begin discussion on the feasibility when that time arises.”
He said, “The timeframe for the end of the 15-year compliance is not eminent and has not been determined without further research with Evergreen. The Board only authorizes us to begin discussion on the feasibility when that time arises.”
The video of the meeting is not yet available on the Housing Authority of the City of New Bern’s YouTube channel here.
By Wendy Card, Editor. Send an email with questions or comments.