HUDSON, N.C. — Greystone Affordable Development and Weaver-Kirkland Development have broken ground on Kirkwood Grove Apartments, a 70-unit affordable seniors housing community in Hudson, approximately 65 miles northwest of Charlotte.
Kirkwood Grove is the first of several affordable housing developments that are planned in North Carolina by this joint venture over the next couple of years. Kirkwood Grove will be Greystone’s first new-construction affordable housing development where it will serve as a long-term owner. The second property for the partnership will be The Havens at Oxford in Oxford, N.C., which is scheduled for groundbreaking in 2022.
All units at Kirkwood Grove will be restricted to residents over 55 years of age with household incomes ranging from 40 percent to 60 percent area median income (AMI). Construction is scheduled for completion within 12 months.
To fund the $11.3 million development of the project, the partnership was awarded 9 percent housing credits from North Carolina Housing Finance Agency (NCHFA) purchased by Regions Affordable Housing, which generated $6.7 million in capital contributions, along with a $2.2 million USDA Section 538 guaranteed loan from Churchill Stateside Group.
Additional funding of $2.1 million has been provided by NCHFA-administered loan programs, including the Workforce Housing Loan Program and Rental Production Program, as well as $300,000 in HOME Investment Partnerships Program funds provided by the Western Piedmont Council of Governments Unifour Consortium.