NeighborWorks Capital is pleased to extend a $1.5 million construction line of credit to DreamKey Partners for the Aveline Legacy single-family home development project in Charlotte, NC. The project will create 22 newly built affordable homes in the Druid Hills neighborhood, providing easy access to amenities and employment centers in both Uptown and Downtown Charlotte. The homes will be available for purchase to households earning 60-80% of the Area Median Income (AMI) and include a significant amount of developer subsidy and down payment assistance for income-qualified households.
DreamKey is a leading affordable housing organization in North Carolina, dedicated to serving low- and moderate-income families through real estate development, homeownership education, and home purchase financing. Since its establishment in 1989, DreamKey has invested over $353 million in both multifamily and single-family real estate projects throughout the Charlotte-Mecklenburg area. Additionally, DreamKey has extended more than $23 million in mortgage loans and provided homeownership education and counseling services to over 31,000 customers.
NeighborWorks Capital has made 16 loans totaling over $17.6 million to DreamKey since 2006, supporting the development of more than 1,000 affordable apartments and homes. We are happy to continue our partnership and support their mission to transform lives, communities, and what is possible through affordable housing.
Learn more about NeighborWorks Capital’s competitively priced, fixed-rate loan capital that is available to members of the NeighborWorks network. Visit our lending solutions page for more information.