RALEIGH—Finding safe, stable and affordable housing close to jobs, schools and other important amenities is a challenge for many North Carolina working families, particularly those with lower incomes. Families in Charlotte will soon find more affordable housing options, however, thanks to Platform Lofts, a future affordable apartment development that once complete will boast six buildings containing 198 affordable apartments.
On Friday, May 3, Platform Lofts in Charlotte will hold a groundbreaking ceremony and reception to launch construction. The event will take place at 10 a.m. at 5635 N. Tryon Street in Charlotte.
These family apartments are being developed by The NRP Group, LLC, and were funded in part by Housing Tax Credits, administered by the North Carolina Housing Finance Agency.
The Agency awards Housing Credits every year under a highly competitive process, receiving three to four applications for every one that receives credits. In exchange for the financing provided through the tax credit, owners agree to keep rents affordable for a period of 15 to 30 years for families and individuals with incomes at or below 60 percent of the local median income. The Housing Credit has financed nearly 100,000 apartments in North Carolina for seniors, working families and people with disabilities.
“The Housing Credit is one of the nation’s strongest tools to create affordable housing for populations who need more options, like families living in high-cost metropolitan areas like Charlotte,” said Scott Farmer, executive director of the NC Housing Finance Agency. “We are proud to finance quality developments like Platform Lofts which will bring much-needed housing options to working families.”
For more information about the North Carolina Housing Finance Agency and how it finances affordable housing statewide, visit HousingBuildsNC.com.
The North Carolina Housing Finance Agency, a self-supporting public agency, has financed 282,080 homes and apartments since its creation in 1973.