Roof Above partnership preserves affordable housing through $50 million purchase of East Charlotte apartment community
With affordable housing disappearing across the country, we are thrilled to announce our purchase of an entire apartment community that will preserve 341 apartments in east Charlotte for individuals and families earning a range of incomes.
In a $50 million deal made possible through a remarkable public-private partnership, Roof Above has acquired HillRock Estates on 23 acres near Kilborne Drive. Through deed restrictions, we will ensure the apartments remain affordable for at least 27 years for households earning below the city’s median income.
A philanthropic gift of $5 million, the largest single private gift ever received by Roof Above, and a gift of $2 million, both donated anonymously from two Charlotte families, made the deal possible. Atrium Health also was crucial in securing the property, providing a $5 million low-interest loan to Roof Above in exchange for the use of 50 apartments over time to house Atrium workers in need of assistance. Financing also was provided by Bellweather Enterprise through a Fannie Mae loan, as well as the city of Charlotte’s voter-approved Housing Trust Fund. An innovation grant of $600,000 from Local Initiatives Support Corporation (LISC) and additional philanthropic donation totaling $1 million rounded out the funding for the project.
We are so grateful for our corporate, philanthropic and government partners in this innovative solution that will provide housing for so many individuals and families. HillRock Estates embodies the kind of bold thinking we had in mind last year when we merged Urban Ministry Center and Men’s Shelter of Charlotte to form a single, more impactful organization.
Read the full press release here.