Habitat Charlotte Region to build its first mixed-income development

Habitat for Humanity of the Charlotte Region (Habitat Charlotte Region) is set to expand its housing pipeline with its first mixed-income development of 83 townhomes, including 40 affordable housing units.

The forthcoming development, currently named Carya Pond, will be built in Northeast Charlotte.

Why now: Charlotte faces a formidable affordable housing deficit; many in the Charlotte region are struggling to afford a safe, secure home.

The proof:

• Over 75% of households in the Charlotte region are unable to afford the median-priced home of $415,000.
• In 2023, only 2.5% of the houses sold in the region were under $150,000 and only about 22% were under $300,000.

The positive news: Habitat Charlotte provides affordable homeownership and home repair solutions to families earning 80% or less of the area's median income.

What to expect: Local developers and builders, Kingdom Development Partners (KDP) and Harmon Construction Services, have teamed up with Habitat Charlotte Region to create a community of 83 townhomes.

• 40 of the townhome units will be sold (with affordable mortgages) to working families who qualify for Habitat's homebuyer program.
• 43 of the townhome units will be sold on the open market.

In terms of the division of labor and responsibility, Habitat Charlotte will handle financing and preparing the land for construction. Harmon Construction Services and KDP will build the townhomes.

An expert take: "While Habitat Charlotte has a 40-year history of building quality, affordable homes with staff, volunteers and partner families, this development represents a new chapter in our commitment to nurturing diverse, inclusive communities," said Laura Belcher, Habitat Charlotte Region President & CEO.

• Worth a mention: In fiscal year 2023, 86% of Habitat Charlotte Region partner families identified as people of color.

"By combining our resources with the expertise of Kingdom Development Partners and Harmon Construction, we can create a vibrant community in addition to building homes and hope," Belcher continued.

More info: The Carya Pond project is a collaborative initiative with Give Impact Advisory Services, a local advisory firm focused on affordable housing. "

• "To improve upward mobility opportunity in Charlotte, it requires doing things a different way," said Liz Ward, Principal/Owner of Give Impact. "That takes bold leadership, many thought partners and working together to find actionable solutions."

Looking ahead: The $24 million project will be completed in four phases — the first set of 16 Habitat townhomes are expected to be available in 2025, and the remaining units in 2026. The full community is expected to be completed in 2027.

The takeaway: Habitat Charlotte is committed to preserving and creating more affordable housing opportunities in the Charlotte region. The Carya Pond project is an innovative community partnership that exemplifies the Habitat mission to strengthen communities through housing.

Learn more about Habitat Charlotte and the forthcoming Carya Pond mixed-income development.