80-unit development with 48 one-bedroom and 32 two-bedroom apartments for residents 55 and older earning no more than 80% of the AMI. Includes amenities such as green space, garden plots, a fitness center, a multipurpose community room, elevator access, a covered patio, and individual storage units.
Project Size: 50+ Units
Completed: 2023
Cost: $17000000
Location: Charlotte , NC
Affordable Housing and Shelter on Faith Land Database
Gilfield Place
Project & Congregation Details
Congregation Information
House of Worship: The Park Ministries
Denomination: Non-denominational
Leadership: Bishop Claude Alexander
Community Development Corporation: The Park Community Development Corporation
Location Information
State: NC
City: Charlotte
Geography: Suburban
Neighborhood: West End
Project Information
Approval: 2021
Completed: 2023
Cost: $17000000
Developer: Laurel Street
Funding
Local
$1.95 million loan from the city of Charlotte; A $4.3 million loan from the Charlotte Housing Opportunity Investment Fund
Federal
Low-Income Housing Tax Credits with $5.7 million in equity from Bank of America
Other
$4.4 million permanent mortgage from Cedar Rapids Bank & Trust; $9 million construction loan from Bank of America;