RALEIGH—Many North Carolina seniors, especially those on fixed incomes or with disabilities, struggle to find affordable homes as they age. For seniors in metropolitan areas like Charlotte, the high costs of housing can quickly become a burden, reducing the finances that seniors may need for other costs like food and health care.
The Mulberry is a new, apartment community in Charlotte that will provide affordable housing options to local seniors. The Mulberry will hold a grand opening and ribbon-cutting ceremony on Thursday, May 23, at 10 a.m. at 5945 Tuckaseegee Road in Charlotte.
The new community will provide 104 apartment homes for seniors who are at or below 60% of the area median income including 50 one-bedroom and 54 two-bedroom apartments. Amenities include three elevators, individual storage lockers for residents, a community room, computer room, exercise room, indoor and outdoor seating areas and laundry facilities.
The Mulberry was developed by the Charlotte-Mecklenburg Housing Partnership and 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 Housing 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% 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.
“Charlotte will now have more affordable housing options for older members of the community thanks to The Mulberry,” said Scott Farmer, executive director of the NC Housing Finance Agency. “This development is yet another great example of how affordable housing investments can impact communities and their residents in high cost areas like Charlotte.”
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.