CHARLOTTE, N.C. — Raleigh-based Greystone Affordable Development and Charlotte-based Urban Trends Real Estate Inc. have released plans to develop Eastway Crossings, a $28.9 million affordable housing community located on Charlotte’s east side. The development will be funded through the Low-Income Housing Tax Credit (LIHTC) program.
Greystone Affordable Development and Urban Trends are co-developers working on behalf of Harmony Housing, a national nonprofit specializing in affordable and workforce housing. Eastway Crossings is Greystone Affordable Development’s first new construction project in the Charlotte market.
The community will offer residential units for senior residents aged 55 years and older with household incomes at or below 60 percent of area median income (AMI). Forty of the units will be reserved for veterans through a Veterans Affairs Supportive Housing (VASH) project-based voucher contract.
The property will be situated close to the recently completed Eastway Recreational Center, as well as the multimillion-dollar Community Resource Center planned by Mecklenburg County.
To fund the development of Eastway Crossings, the partnership was awarded 4 percent LIHTC funds from the North Carolina Housing Finance Agency that were purchased by Key Community Development Corp. (KCDC), which generated $12 million in capital contributions. Other 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 debt.