NC Acquisition loan for new affordable single-family subdivision in Charlotte

NeighborWorks Capital closed a $1,200,000 acquisition loan with Charlotte-Mecklenburg Housing Partnership, Inc. (CMHP) in October of 2019. Our loan will give CMHP funds to acquire 13.4 acres of a partially developed subdivision called Walden Ponds in Charlotte, North Carolina. This community will include 52  single-family homes, with 11 set aside and targeted to buyers with the aid of various down payment assistance programs administered by CMHP’s Homebuyer programs. The remaining 41 homes will be available for buyers in the 80%-120% AMI range. There is very limited supply of homes affordable homeownership opportunities available in Charlotte, and many people that go through CMHP’s homeownership programs are not able to find homes to purchase.