Partners Break Ground on $29M Senior Affordable Housing Project in Charlotte
Greystone Affordable Development and Urban Trends Real Estate Inc., have completed the financial closing for Eastway Crossings, an affordable low-income housing tax credit community in Charlotte, NC. The companies are co-developers working on behalf of Harmony Housing.
To fund the $28.9 million development of Eastway Crossings, the partnership was awarded 4% Housing Credits from the North Carolina Housing Finance Agency, purchased by Key Community Development Corporation which generated $12 million in capital contributions. Other critical funding sources included $2 million from the City of Charlotte Housing Trust Fund, $1.5 million from Mecklenburg County, and $13.4 million in Fannie Mae MBS as Tax-Exempt Bond collateral.
Eastway Crossings will serve senior residents aged 55 years and older with household incomes at or below 60% AMI. Forty of the units will be reserved for veterans through a Veterans Affairs Supportive Housing project-based voucher contract. On-site staff will coordinate activities with local service providers and shuttle services.
- ◦Development