The NRP Group, in partnership with the City of Charlotte, today announced the opening of a new 200-unit affordable housing community. The development will offer housing to residents earning between 30% and 60% of the Area Median Income (AMI). A limited number of workforce housing units are also reserved for residents earning up to 80% AMI.
“Residences at Cedar Creek demonstrates our unwavering commitment to delivering affordable housing developments that prioritize quality and convenience,” said Jason Mochizuki, Vice President of Development at The NRP Group. “With a robust amenities package tailored for working professionals and families in the area, this community will ensure residents enjoy a high standard of living. With its prime location along the I-77 corridor, residents will enjoy seamless connectivity to employment hubs, schools and essential services throughout Charlotte.”
Located at 7224 Forest Point Boulevard in the Southeast district, the development offers easy access to I-77 and is a 15-minute drive to Charlotte Douglas International Airport.
Residences at Cedar Creek consists of three four-story buildings with one-to-four-bedroom floorplans a 24-hour fitness center, a conference center, a WiFi-enabled cyber café, and an onsite playground and covered picnic areas.
Bank of America and KeyBank provided financing for the project. The City of Charlotte invested $2.5 million in Housing Trust Fund gap financing in this development and the North Carolina Housing Finance Agency provided $22 million in 4% Low-Income Housing Tax Credits.
