Dominium Acquires Land for Creekridge on the Park, Plans to Develop 150 New Affordable Apartment Homes in Charlotte, NC

Property News

The affordable housing development is the company's first new construction project in the state of North Carolina

Dominium, a leading affordable housing owner, developer and manager announced today that it has closed a deal to acquire land for the development of a new affordable housing community in Charlotte, N.C.

Dominium plans to use the land located 7800 Creekridge Road in Charlotte to construct a $60 million affordable housing community for low-income families in the Charlotte-area. Once constructed, Creekridge on the Park will provide 150 high-quality apartment homes. The project will be constructed by WD construction.

Construction of Creekridge on the Park will be supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC). Nationwide, LIHTC is the largest source of support for the construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at levels tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market through the simple fact of increasing the supply of affordable housing.

Dominium would like to thank its development partners Freddie Mac, JLL Real Estate Capital, Truist Bank, Minnwest Bank, North Carolina Housing Authority, Inlivian, and Mecklenburg County whose assistance made this project possible. Additional partners include Affordable Housing Institute (AHI), The City of Charlotte, Winthrop & Weinstine, PA, BKV Group, LandDesign, Inc., Commercial Partners Title, LLC, Colliers Securities, Kutak Rock, Holland & Knight, LLP, Ruff, Bond, Cobb, Wade & Bethune, Rinke Noonan, McGuire Woods, LLP and U.S. Bank. We appreciate all of these partners for their commitment to providing high quality affordable housing to the Charlotte community.