Age is an advantage for renters looking for an
apartment in The Gables at Druid Hills, one of Charlotte's newest
affordable housing projects.
The Charlotte-Mecklenburg Housing Partnership
developed the three-story, 63-unit complex at Statesville and Kohler
avenues -- about two miles north of uptown -- especially for renters ages
55 and older.
The 15-year-old partnership, between a nonprofit
housing developer and financing corporation, officially takes wraps off
the $4.9 million apartment building at an 11 a.m. ribbon cutting today.
The project "was a natural for us," said
Pat Garrett, the partnership's president. "We've been working with
the housing authority on Oaklawn Avenue, and it was logical for us to take
the next step over to the Statesville Avenue corridor."
The organization began focusing attention on the
area about three years ago, after the city and partnership officials
adopted the Statesville Corridor Housing plan as a revitalization road
map.
Garrett said the city provides seed money for the
partnership to attract financial backers.
At The Gables, for example, Bank of America, through
a partnership with Enterprise Social Investment Corp. of Columbia, Md.,
provided about $4 million as the tax-credit investor.
Wachovia Corp. provided a $1.2 million construction
loan.
The partnership has invited about 175 community
leaders, financial partners and other guests to share in The Gables'
success at the grand opening festivities.
But the most grateful people there likely will be
the tenants, about 25 of whom have signed leases and moved their families
into apartments.
The complex targets over-55-year-olds earning
between 35 percent and 50 percent of the area median income (below $25,650
for a family of two).
Rent ranges from $280 to $455 a month, considerably
below the Mecklenburg average of $705.
The partnership applies the age requirement to only
one household resident, so older renters can share apartments with grown
children or grandchildren.
The complex includes one- and two-bedroom units
ranging from 700 square feet to 935 square feet, plus 5,900 square feet of
community space.
Other amenities: garden spots for residents who want
to grow their own plants or vegetables, a landscaped walking path, a
gazebo and computer and activities rooms.
Carocon Corp. was the general contractor for the
apartments.
The partnership started its first residential
project in 1989, a year after forming. It has since built, remodeled or
financed 991 single-family homes, and it's responsible for managing about
1,059 housing units.
The Gables will be open to the public for tours from
noon until 3 p.m. today. For leasing information, call Michelle
Merriweather, 704-376-1771.
