Two Kannapolis-area nonprofits have started work on a 60-unit affordable housing project for individuals 55 and over.
Wesley Community Development and Prosperity Unlimited, Inc. are building Prosperity Ridge Independent Senior Living Apartments as a joint venture.
“Prosperity Ridge is the successful outcome of several partnerships between the public and private sectors,” Louise Mack, president/CEO of Prosperity Unlimited, was quoted as saying in the Independent Tribune. “The City of Kannapolis, Cabarrus County and the Cabarrus-Iredell-Rowan HOME Consortium, administered by the City of Concord have committed to bringing this needed housing to our community, closing the funding gap that allows us to provide affordable rents.”
The North Carolina Housing Finance Agency is funding the project, with construction financing provided by Banking Branch & Trust and permanent financing from Entrant Community Capital. CAHEC purchased the housing tax credits awarded for the project. City of Kannapolis and Cabarrus County are providing local HOME funding from the U.S. Department of Housing and Urban Development.
Prosperity Unlimited is also lending HOME funds contributed through the Cabarrus – Iredell – Rowan HOME Consortium.
“Providing quality, attractive, energy efficient housing requires a commitment from the local community,” said Joel Gilland, president of Wesley Community Development. “We are able to provide the new homes at Prosperity Ridge because of the many partners who came to the table to address a critical need in the community.”