New Affordable Housing Community ‘The Residences at Cedar Creek’ Unveiled in Charlotte

News Summary

Charlotte has unveiled a significant new affordable housing community, ‘The Residences at Cedar Creek.’ This development includes 200 mixed-income apartments, with a focus on various family sizes and income levels. With a total cost of $54 million, the project addresses the growing demand for affordable housing and aims to enhance the city’s housing equity. Residents will enjoy numerous amenities and easy access to quality living spaces, with a noteworthy leasing rate indicating strong market demand.

New Affordable Housing Community ‘The Residences at Cedar Creek’ Unveiled in Charlotte

Amid pressing demands for affordable housing, Charlotte has ushered in a significant new addition with the opening of The Residences at Cedar Creek. This well-conceived community consists of 200 mixed-income apartments designed to cater to a varied demographic while bolstering the local economy and housing landscape.

Location and Development Costs

Situated at 7224 Forest Point Blvd, The Residences at Cedar Creek emerged from a development effort costing an impressive $54 million. The project, spearheaded by the Cleveland-based NRP Group, aims to address the growing issue of affordable housing in this bustling urban environment. The initiative aligns strategically with the City of Charlotte’s ongoing commitment to housing equity and accessibility.

Affordable Living Options

The apartment complex features a mix of one-, two-, three-, and four-bedroom units. These are predominantly priced for residents earning 60% of the Area Median Income (AMI), ensuring that local families can afford a quality living space. Notably, 20% of the units are allocated for those earning 30% AMI, while an additional 10% are dedicated to workforce housing at 80% AMI. This thoughtful pricing model showcases a commitment to diverse housing options in the area.

Community Amenities

Residents of The Residences at Cedar Creek are set to enjoy an array of amenities, designed to foster a vibrant community atmosphere. The property boasts:

• A state-of-the-art fitness center
• A covered picnic area with grilling stations perfect for family gatherings
• A playground for children to enjoy
• WiFi-enabled common areas equipped with printers and computers for residents’ convenience
• A screened-in porch area providing a tranquil spot to relax

These features not only enhance the residents’ quality of life but also encourage community bonding.

Current Leasing Status and Future Prospects

After commencing construction in September 2022, The Residences at Cedar Creek welcomed its first residents in July 2023. As of now, the community is enjoying a robust 88% leasing rate, highlighting the urgency and demand for affordable housing options in Charlotte. The ongoing construction is expected to continue through late 2024, further promising a growing community atmosphere.

A Response to Housing Inequality

This project arrives amid a backdrop of changing dynamics regarding social mobility in Charlotte. A report from 2014 ranked the city last among large metropolitan areas for upward mobility and income equality. Recent studies, however, indicate improvement, placing Charlotte at 38th position in terms of social mobility. These developments relate to the urgent necessity for housing accessibility, which The Residences at Cedar Creek aims to fulfill.

Collaborative Efforts

The success of this project can also be attributed to a collaborative effort between several key organizations. The The North Carolina Housing Finance Agency provided a substantial $22 million in 4% low-income housing tax credits. Moreover, the City of Charlotte contributed $2.5 million from its Housing Trust Fund to support the endeavor. Bank of America played a crucial role in financing the construction through loans and tax credit equity, with KeyBank serving as the permanent lender.

Future Housing Initiatives

The NRP Group is not stopping at The Residences at Cedar Creek; it is also embarking on additional housing projects within Charlotte. Upcoming developments include:

• Middle Creek Lofts – a 188-unit mixed-income property
• Levels at LoSo – a 310-unit market-rate community
• A planned 377-unit community at 11330 Brigman Road, featuring ground-floor retail space

These projects underscore the ongoing commitment to enhancing housing options in Charlotte, paving the way for a brighter, more inclusive future for its residents.

Deeper Dive: News & Info About This Topic

HERE Resources

Charlotte Welcomes New Affordable Housing Development

Additional Resources

• Axios: Brooklyn Village Affordable Apartments
• Wikipedia: Affordable Housing
• Charlotte Observer: Business News
• Google Search: Affordable Housing North Carolina
• Spectrum Local News: Churches Invest in Housing
• Google Scholar: Affordable Housing Investments
• WCCB Charlotte: 200 Unit Affordable Housing Community
• Encyclopedia Britannica: Affordable Housing