The Client:
The Paces Foundation + SoHo Housing Partners
THE OPPORTUNITY
The Paces Foundation and SoHo Housing Partners had a site under contract in West Charlotte. Although the team had significant development experience in housing, it was their first time in Charlotte, and they wanted help taking the right steps as a new participant in the market. Give Impact immediately recognized the importance of collaborating with the many stakeholders in this corridor, who were committed to ensuring the community had an active voice in the development of this historic site and that the final plan aligned with the current needs of the area.
With the goal of developing a senior affordable housing community, we helped them assemble a local team with a proven track record in the area (civil designer, architect, rezoning consultant, general contractor and property manager). Our team helped build a trusting relationship with the West Boulevard Coalition and the West Side Land Trust, which resulted in the first Community Benefits Agreement (CBA) in Charlotte and a land-sale/ground-lease agreement with the Land Trust to provide an ownership opportunity to the community.
How We Served
Assembled the appropriate team of collaborators and stakeholders
Assisted in rezoning support and community relationship building
Participated in project design, including swapping of future Right-of-Way (ROW) for a multi-modal path with historic markers and public art with the City of Charlotte
Negotiated CBA and Land Lease
Helped secure funding from Charlotte Housing Trust Fund (“HTF”), LISC’s Charlotte Housing Opportunity Impact Fund (“CHOIF”) and NCHFA Tax-Exempt Bond Financing
Planned groundbreaking celebration event and collaborated to select all local vendors, including event coordinator (Experience Bold) and local storyteller (Hannah Hasan)
THE IMPACT
The primary focus and impact of this collaboration was building relationships and trust. Give Impact connected the team with the right designers and planners to ensure it was a high-quality property and helped develop a strong rapport with local stakeholders in a way that would lead to a development the community would embrace.
The Give Impact team also planted the seed for the West Side Land Trust to acquire the underlying land and ground lease it back to the project, with the option to purchase the apartments at some point in the future. The Historic Nathaniel Carr Community has led to the development of 120 units, estimated to house at least 180 individuals annually. Give Impact also helped The Paces Foundation raise $2.2MM from City Housing Trust Funds, $2.0MM from LISC’s Charlotte Housing Opportunity Impact Fund (“CHOIF”), $12.38MM in NCHFA Tax-Exempt Bond Financing and $13.7MM in 4% Tax Credits (debt and equity provided by Fifth Third Bank). The project broke ground in fall of 2022 and is expected to begin leasing by summer 2024.
In Their Words
We've worked with Liz and Maya at Give Impact for the past several years to help bring high-quality affordable housing to Charlotte. Their expertise, knowledge, and ability to bring parties together for a common good were critical in our efforts. We consider them family and would highly recommend Give Impact.
— Kevin J. DiQuattro, Partner, Soho Housing Partners
