Dominium, a leading affordable housing owner, developer and manager announced that it will celebrate the groundbreaking of the Creekridge on the Park affordable housing development in Charlotte, North Carolina on Wednesday, November 29. There will be a short program with speeches, a golden shovel ceremony, followed by networking and refreshments.
These apartment homes will include 9-foot ceilings, vinyl wood-plank flooring with carpeted bedrooms, walk-in closets, washer and dryer, kitchen pantry and island, Energy Star rated appliances and granite countertops. Residents will enjoy access to community amenities including a fitness center, business center, and on-site laundry. The property will also include an outdoor pool, grilling areas, playgrounds and general use greenspace.
Creekridge on the Park is supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC). Nationwide, LIHTC is the largest source of support for the construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at levels tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market through the simple fact of increasing the supply of affordable housing.
“As our first development in North Carolina, Creekridge on the Park will serve as a source of high-quality affordable housing for individuals and families in an underserved region of the country,” said Terry Sween, Dominium VP and Project Partner. “Dominium will continue its commitment of providing affordable housing to communities across the nation wherever there is a need.”
Dominium would like to thank its development partners, including JLL Real Estate Capital, Truist Bank, Minnwest Bank, North Carolina Housing Authority, INLIVIAN, Mecklenburg County, Affordable Housing Institute (AHI), The City of Charlotte, Winthrop & Weinstine, PA, BKV Group, LandDesign, Inc., Commercial Partners Title, LLC, Colliers Securities, Kutak Rock, Holland & Knight, LLP, Ruff, Bond, Cobb, Wade & Bethune, Rinke Noonan, McGuire Woods, LLP and U.S. Bank. We appreciate all of these partners for their commitment to providing high-quality affordable housing to the Charlotte community.