Charlotte, NC (November 2020) – Crescent Communities is pleased to announce its investment in the Housing Impact Fund, a private-sector fund dedicated to purchasing and preserving naturally occurring affordable housing (NOAH) in Mecklenburg County. The fund, valued at $58 million, will be used together with investments from the city of Charlotte and Mecklenburg County to purchase approximately 1,500 apartment units.
"We are proud to be part of this important effort to ensure quality housing is available and attainable throughout the Charlotte area for years to come,” said Crescent Communities Chairman and CEO Todd Mansfield. “Our company vision is to build community and better people’s lives, and the Housing Impact Fund is just one way that we continue to execute on this vision.”
The Housing Impact Fund will purchase existing apartment communities and put in place deed restrictions to ensure the units remain affordable. Ascent Housing, a division of Ascent Real Estate Capital, will acquire and manage the communities and will target those in opportunity-rich areas within a few miles of Uptown.
While the Housing Impact Fund is Crescent Communities’ latest investment in affordable housing, it is far from the first. Notably, Crescent Communities donated 4.5 acres in The River District of Charlotte for the development of mixed income housing. Laurel Street Partners will develop 124 affordable residences on this land in The River District, with an anticipated delivery in late 2022. The company continues to create opportunities for affordable and workforce housing in its communities located in the Charlotte area as well as in other major markets around the country.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 59 multifamily communities, 21 million square feet of commercial space and 60 single family master-planned communities. Headquartered in Charlotte, Crescent Communities has regional offices in Washington, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our multifamily communities are branded NOVEL by Crescent Communities.