[ad_1]
A new affordable housing complex opened today in Uptown Charlotte.
Varick on 7th, a mixed-income housing community, is located at 721 E 7th Street and aims to address Charlotte’s rapidly unaffordable housing options.
Back in January 2023, QCity Metro reported on the complex’s progress during construction.
Now, it’s complete and awaiting its first residents.
The complex was designed to be “inclusive” by offering a combination of market-rate and affordable units in a walkable area close to the city’s center.
“Varick on 7th isn’t just affordable housing; it’s housing that is affordable to everybody,” Dionne Nelson, president and CEO of Laurel Street, a Black-owned development company that led the project, said. “Housing that will serve all income levels, all demographics and all household sizes.”
Out of the 105 units, 53 will be based on 30%, 60% and 80% of AMI, while the remaining 52 units will be priced at market rates.
Of the units, 67 are one-bedroom units, 24 are two-bedroom units, and 14 are three-bedroom units.
All units feature a washer and dryer, and the complex offers a gym, mailroom and courtyard to future residents.
The $24 million project was funded through several organizations, including a housing trust fund loan of $1.5 million, a permanent loan of $4.2 million from Local Initiatives Support Corp., an organization supporting communities, and a permanent loan of $17.4 million from Barings, a global investment manager.
Local Initiatives Support Corp. also provided a $17 million construction loan through their Black Economic Development Loan — the largest in the country, according to Tiffany Durr, senior director of Local Initiatives Support Corp. strategic investments.
The land was also provided by the city of Charlotte and the Little Rock Community Development.
Applications for the mixed-housing complex are now open, and residents are expected to move into the apartments in mid-April, according to Nelson.
Read More
City Council revises Spectrum Center project, approves property sale, considers closing alleyway
The ‘Queens of R&B’ are coming to Charlotte this summer
Free event to connect families to affordable summer camps in Charlotte
Charlotte youth discuss safety during summit among rising youth violence
[ad_2]
