April 10, 2019
Two area nonprofits were joined by local officials Wednesday, April 10, on El Paso Street, to celebrate the start of construction on 60 one- and two-bedroom units that will provide affordable housing for persons 55 years of age and older.
Prosperity Ridge Independent Senior Living Apartments is a joint venture between Wesley Community Development and Prosperity Unlimited, Inc. Both organizations have a mission of providing housing for families and seniors with lower household incomes. Rents for one-bedroom units will range from approximately $353 to $650 per month, while two-bedroom apartments will rent from between $418 and $770 making them affordable to households earning between 30% and 60% of the area median income.
“Prosperity Ridge is the successful outcome of several partnerships between the public and private sectors,” said Louise Mack, President/CEO of Prosperity Unlimited. “The City of Kannapolis, Cabarrus County and the Cabarrus-Iredell-Rowan HOME Consortium, administered by the City of Concord have committed to bringing this needed housing to our community, closing the funding gap that allows us to provide affordable rents.”
Funding for the new apartments comes from the North Carolina Housing Finance Agency, with construction financing provided by Banking Branch & Trust and permanent financing from Entrant Community Capital. CAHEC purchased the housing tax credits awarded for the project. City of Kannapolis and Cabarrus County are providing local HOME funding from the U.S. Department of Housing & Urban Development. Prosperity Unlimited is also lending HOME funds contributed through the Cabarrus – Iredell – Rowan HOME Consortium.
“Providing quality, attractive, energy efficient housing requires a commitment from the local community,” said Joel Gilland, president of Wesley Community Development. “We are able to provide the new homes at Prosperity Ridge because of the many partners who came to the table to address a critical need in the community.”
The new homes will be available during the first quarter of 2020. Partnership Property Management will manage the new units. Interested residents can leave a voicemail at 704-972-8006. They will be contacted with additional information.
About the Developers
Wesley Community Development is a nonprofit real estate firm and an affiliated ministry of the Western North Carolina Conference of the United Methodist Church. Since 2002 Wesley has developed more than 85 single-family homes for first time homebuyers and six apartment communities for families, seniors and persons with disabilities. Wesley is committed to building communities of grace and hope.
Prosperity Unlimited, Inc. is a nonprofit community development corporation, an approved Department of HUD Housing Counseling Agency and a Community Development Housing Organization. Since 1995, Prosperity has developed more than 70 single-family homes for first time homebuyers and six apartment communities for families and seniors. Prosperity has also provided over 25,000 households with services in the areas of pre-purchase and foreclosure prevention housing counseling, down payment assistance, homebuyer’s education and financial empowerment workshops. Prosperity is committed to empowering community growth through the education of individuals to enhance financial and housing stability.