On April 10th HUD North Carolina Field Office Director (FOD) Jody Moses, and Senior Community Plans and Development (CPD) Representative, Sharlene Abbott, attended the ground-breaking ceremony for Prosperity Ridge in Kannapolis, NC. Prosperity Ridge is a 60-unit senior apartment project that will be comprised of one- and two-bedroom units. This project is an excellent example of leveraging funding and creating an arbitrage of financing sources.
HUD provided funds includes $900,000 HOME Funds and $40,000 in CDBG funding. In addition, the developer and project partners are committed to Section 3 and are aggressively seeking eligible qualifying individuals and businesses as evidenced by the sign in front of the Prosperity Ridge sight.
"Another amazing example of how an affordable property project can have multiple positive impacts in a community," said Moses. "Section 3 provides unique opportunities for employment specifically targeted to support low income residents and this Prosperity Ridge is emblematic of that effort."
The HOME Investment Partnerships Program (HOME) provides formula grants to states and localities that communities use - often in partnership with local nonprofit groups - to fund a wide range of activities including building, buying, and/or rehabilitating affordable housing for rent or homeownership or providing direct rental assistance to low-income people. It is the largest Federal block grant to state and local governments designed exclusively to create affordable housing for low-income households. The Community Development Block Grant (CDBG) program is a flexible program that provides communities with resources to address a wide range of unique community development needs. Beginning in 1974, the CDBG program is one of the longest continuously run programs at HUD. The CDBG program provides annual grants on a formula basis to 1209 general units of local government and States.