How True Homes is increasing affordable housing to West Charlotte
A message from: True Homes
Get up to date: In October, True Homes celebrated breaking ground on Duke's Ridge, a new affordable housing community in West Charlotte, built in partnership with Freedom Communities.
Why it's important: Housing affordability continues to be an issue throughout the Charlotte metro area as a result of low housing stock, high mortgage rates, increased investor purchasing and incomes not keeping up with rising housing costs and costs of living.
- Key numbers: According to Realtor.com, in October 2024, the median listing home price in Charlotte was $429.9K, up 2.4% year-over-year, and the median home sold price was $424.9K.
The positive news: As a premier home builder of semi-custom homes in the Carolinas, True Homes is utilizing their expertise and resources to break down barriers to homeownership and create quality, high-opportunity homes like those at Duke's Ridge.
The deets: Duke's Ridge will be a 52-unit townhome community off of Wilkinson Boulevard that will provide workforce affordable homeownership opportunities to Charlotte families in need.
- Worth a mention: Four of these units will be specifically reserved for Charlotte-Mecklenburg teachers.
How it works: Through their Doorway to Prosperity program, the True Homes Foundation leverages community and lending partnerships to provide down payment assistance and open the door to homeownership.
- The True Homes Foundation serves households with less than 110% of the area median income, with a focus on those at 80% and below. On average, clients have received $30,000 in down payment assistance through this program.
- Since 2022, the True Homes Foundation has completed 80 homes through the Doorway to Prosperity program, with 107 under development for 2025.
The takeaway: The Duke's Ridge community will help to address the affordable housing shortage in Charlotte and set the standard for effective community collaboration as well as sustainable, accessible housing solutions.
Read the full story on the new Duke's Ridge development.
Here's what else: In addition to Duke's Ridge, True Homes recently broke ground on a new community housing initiative with Love Chatham.
- This project will provide transitional housing for families in Chatham County as they work to overcome housing instability.
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