CHARLOTTE — A new private-sector fund that closed this week will help preserve naturally occurring affordable housing in Mecklenburg County.
The goal of the $58 million Housing Impact Fund is to preserve apartment communities affordable to low- to moderate-income households, particularly ones under threat of being demolished or converted into more expensive housing. The HIF, which includes investments from a number of local corporate and individual investors, is expected to help preserve about 1,500 units.
[Grocery-anchored development planned in east Charlotte]
Nelson Schwab, former chairman of Paramount Parks, and Erksine Bowles, former University of North Carolina president, helped launch the fund and will serve as managing members of the HIF.
About $38 million in investment came from Truist Financial Corp., Atrium Health, LendingTree, Movement Mortgage, nine local real estate development firms and other investors. Local Initiatives Support Corp. has also committed up to $20 million in co-investment from the Charlotte Housing Opportunity Investment Fund, which it manages.
Truist is the fund’s lead investor, having committed $15 million that will be used as equity in purchasing apartment communities.
Ascent Housing, a platform of Charlotte real estate firm Ascent Real Estate Capital, will acquire and manage the properties on behalf of the investors.
Read more here about how the program will work.
Cox Media Group
/cloudfront-us-east-1.images.arcpublishing.com/cmg/LH3JSJEF3VBLRJLJQESEAG34AM.png)
