Low income Housing Charlotte
A non-profit group that purchases affordable housing features bought a 200-unit apartment complex in Pineville for $18 million, and plans to make other purchases within the Charlotte area.
The nationwide Housing Partnership Foundation closed in the purchase after Summer. The company buys properties with lower rents and manages these with the intent of maintaining rents reduced to preserve inexpensive housing. The NHPF owns 39 properties in 15 says, totaling about 6, 600 products.
“We provide housing options for working-class folks, ” said Jamie Smarr, a Gastonia native which heads acquisitions for NHPF. Here is the team’s very first purchase within the Charlotte location. “everything we want to do is get properties and contain the rents inexpensive, into perpetuity ... What we’re devoted to doing is purchasing something and keeping rent increases to 1.5 to 2 % annually.”
The Low Income Investment Fund, a brand new York-based group, added $3.7 million worth of equity for bargain. Smarr said such groups, which purchase properties and use low-income income tax credits, make the NHPF’s financial investment strategy viable.
“They expect a return, ” said Smarr. “It is a lot, much lower than what, in particular, a value-add buyer would expect.”
Smarr stated no residents on Pines will likely be displaced. Apartments there are currently detailed starting at $705 monthly for a one-bedroom unit. Many residents work on the nearby Carolina Put Mall, he said.
“They’re working full-time, nonetheless they will find you will find less and locations they are able to hire which are decent because of the wages they earn, ” he said. “We think that individuals who work 40 hours a week and still none the less earn minimum wage, they deserve good locations to reside also.”