Myers Park Presbyterian Church, CrossRoads Corporation, Grier Heights Presbyterian Church and Antioch Missionary Baptist Church Give Interest-Free Loan to DreamKey Partners
CHARLOTTE, N.C., July 3, 2019 – As the city of Charlotte continues to see explosive growth, the need for affordable housing becomes increasingly more dire. Last fall, Charlotte’s passage of the historic $50 million affordable housing bond signaled a major shift in the city’s approach to developing housing for low- to moderate-income families and was a big win for the housing community. However, the bond money, which lives in the city’s Housing Trust Fund, is still short of meeting the needs of the 55,000 Charlotteans who currently don’t have an affordable place to live. In response to the city’s housing challenges, Myers Park Presbyterian Church (MPPC), together with CrossRoads Corporation for Affordable Housing and Community Development, Antioch Missionary Baptist Church and Grier Heights Presbyterian Church, has stepped forward with a $910,000 interest-free loan through the Grier Heights Affordable Housing Project LLC (GHAHP).
After Covenant Presbyterian Church’s 2017 landmark investment in affordable housing, GHAHP is following suit by loaning nearly $1 million for a proposed development along Billingsley Road. “We truly believe that this financial commitment will be a catalyst for change along this corridor,” said Rev. Dr. Joe Clifford, MPPC’s pastor. “Our goal is to help create a safe and vibrant community, while preserving the legacy of Grier Heights, for families who are in need of affordable housing.”
The development, where sub-standard housing has already been safely demolished, will provide rental housing for families in the 30 to 80 percent of area median income (AMI) ranges. The proposed site on Billingsley Road will include one- to three-bedroom options and is within walking distance of amenities such as a family service center, grocery store, and pharmacy. Medical centers, the Grier Heights Community Center and the Naomi Drenan Recreation Center are less than a half-mile away. Additionally, there are multiple CATS bus stops near the proposed development that are served by two prominent bus routes.
“DreamKey Partners is thrilled to see the faith-based community step forward and address Charlotte’s housing crisis,” said Julie Porter, president of DreamKey Partners. “Their actions speak volumes of their commitment to truly being a force of good for their neighbors in need.”
In addition, DreamKey Partners and CrossRoads Corporation have acquired duplexes adjacent from the project’s property and is in discussion with Habitat for Humanity of Charlotte on how to improve the housing, adding to the areas rebirth. “With each of these organizations coming together for this monumental development in the Grier Heights neighborhood, it is an example of the collective action necessary to address the challenge of affordable housing as a community. We are excited to be a part of this initiative.” said Tiffany Capers, executive director of CrossRoads Corporation.
Over the next several years, this project will expand affordable and well-maintained housing for low- and moderate-income families in the Grier Heights neighborhood, located minutes from the center city of Charlotte.
ABOUT DreamKey Partners
Charlotte-Mecklenburg Housing Partnership (DreamKey Partners) is a broad-based, private, nonprofit housing development and financial corporation organized in 1988 to expand affordable and well-maintained housing and promote stable neighborhoods for low- and moderate-income families in the City of Charlotte and Mecklenburg County. The agency provides assistance to residents of its properties to more fully enter the economic mainstream and achieve independence. For more information, please visit www.DKP.org.