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Greystone Affordable Development and Urban Trends Real Estate Inc., have completed the $28.9-million financial closing for Eastway Crossings, an affordable community for seniors in Charlotte, NC

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. 

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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