The new affordable housing community 'The Residences at Cedar Creek' offers a blend of modern living and community amenities.
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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.
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.
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.
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.
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:
These features not only enhance the residents’ quality of life but also encourage community bonding.
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.
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.
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.
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:
These projects underscore the ongoing commitment to enhancing housing options in Charlotte, paving the way for a brighter, more inclusive future for its residents.
Charlotte Welcomes New Affordable Housing Development
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