For more than a decade, the future of affordable housing in one of Charlotte’s wealthiest neighborhoods was tied up in the courts. A rezoning dispute over a seven-acre site on Weddington Road in South Charlotte climbed all the way to the North Carolina Supreme Court, delaying development year after year. Through all of it, DreamKey Partners never walked away.
The fight began with a question: Who would bring affordable housing to a part of the city where it had long been out of reach for working families? When Charlotte City Council issued that challenge more than 15 years ago, DreamKey Partners said yes.
The site DreamKey chose on Weddington Road had everything families needed close by: strong schools, employment opportunities, transit access, and shopping. It was also exactly the kind of high-opportunity neighborhood where affordable housing often faces the greatest resistance. DreamKey stayed committed because the project represented more than 85 new apartments. It represented the chance to open doors in a neighborhood where opportunity had too often been out of reach.
Now, with funding from the NeighborWorks Capital Equity Fund and the City of Charlotte Housing Trust Fund—and with support from City Council and the surrounding neighborhood—DreamKey Partners is moving forward with Weddington Road Apartments. The Council’s original vision is being realized: affordable housing is coming to southeast Charlotte.
“We’re super excited about the opportunity to finally build this,” says Fred Dodson, COO & EVP of Real Estate at DreamKey Partners. “It’s a big deal, not just for DreamKey but for the city of Charlotte. We want it to be an example of affordable housing in a high-opportunity neighborhood that is well-designed and well-managed that could be replicated elsewhere in South Charlotte.”
“We’re super excited about the opportunity to finally build this,” says Fred Dodson, COO & EVP of Real Estate at DreamKey Partners. “It’s a big deal, not just for DreamKey but for the city of Charlotte. We want it to be an example of affordable housing in a high-opportunity neighborhood that is well-designed and well-managed that could be replicated elsewhere in South Charlotte.”
The development can’t come soon enough. Charlotte is gaining 200 new residents per day, and that growth is driving housing costs higher across the region – especially in high-demand neighborhoods like South Charlotte.Â
Weddington Road Apartments will bring 85 units to this fast-growing, high-opportunity, transit-connected area. The development will serve residents earning from 30% to 60% of Area Median Income, residents often priced out of Charlotte’s most desirable neighborhoods, including minimum-wage earners, early-career workers, and single parents.  The garden-style apartment community will feature a large clubhouse, fitness center, and outdoor pavilion, reflecting DreamKey’s commitment to resident-centered design and high standards for materials, accessibility, and attractive landscaping.
 “We want it to look just like any other market-rate community,” Dodson says.
DreamKey Partners has been working with NeighborWorks Capital for nearly 20 years, partnering on 17 loans totaling more than $19 million.
“NeighborWorks Capital has been a great lender and partner for DreamKey,” says Dodson. “The great thing about getting support from NeighborWorks Capital is the flexibility they have. We pride ourselves on the fact that we tend to not do the same development twice. So, for smaller developments, predevelopment capital, or construction loans, NeighborWorks Capital has managed to be flexible with us to do the type of development that we do.”
That flexibility made Weddington Road Apartments a natural fit for NeighborWorks Capital’s newest financing tool, the NeighborWorks Capital Equity Fund. The Fund, launched in partnership with National Equity Fund (NEF), was created exclusively for NeighborWorks organizations to access equitable and transparent Low-Income Housing Tax Credit (LIHTC) financing. DreamKey became one of seven NeighborWorks organizations included in the Fund’s first financing round, which closed in December 2025.
For Dodson, the financing structure stood out because it recognized the realities nonprofit developers face.
That certainly wasn’t the case with NeighborWorks Capital and NEF,” says Dodson. “NeighborWorks Capital and NEF understand the challenges we have as a nonprofit developer, so they provide us with terms that work.”
In addition to providing transparent terms and competitive pricing for tax credits, the Fund’s financing term makes it easier for NeighborWorks organizations to maintain long-term ownership of their properties after the financing period ends — an important consideration for organizations focused on preserving affordability over time.
Founded in 1989, DreamKey Partners works to expand access to affordable housing through real estate development, homeownership programs, and community engagement. It currently manages 29 apartment communities with more than 3,500 units across North Carolina, South Carolina, and Georgia. In addition to building and rehabilitating affordable housing, DreamKey provides homeownership education, lending, and community engagement programs, emergency assistance, and neighborhood revitalization.
“We work to transform lives, communities, and what’s possible through affordable housing,” Dodson says.
After more than 15 years, DreamKey will finally be able to change the lives of 85 families who will call Weddington Road Apartments home. For them, the impact extends well beyond an affordable rent payment in a fast-growing city. It means living closer to jobs, accessing quality schools and services, and building stability in a neighborhood where opportunity is finally within reach.
