The Client:
Davidson Housing Coalition (DHC)
THE OPPORTUNITY
The Bungalows is a 32-unit apartment complex in downtown Davidson, North Carolina on Jetton Street. Built in 2000, it was the first affordable community in Davidson and received the prestigious Maxwell Award for Excellence in Design from the Fannie Mae Foundation in 2002.
The Bungalows provides affordable rental rates to families and individuals, making up to 50% of the Area Median Income — an extremely difficult feat to replicate in Davidson today. Deed Restrictions protecting the existing tenants expired in June 2023 (NCHFA RPP) and again in 2030 (Tax Credit Extended Use Period). Community-focused intervention is essential to protect the tenants and preserve the community.
How We Served
Developed The Bungalows acquisition strategy
Negotiated LP buyout
Secured private bridge capital from Crescent Communities
Closed transactions
Transitioned property management
Conducted weekly client checkpoints and participated in presentations to the Board
Up next: create a long-term reinvestment plan
THE IMPACT
Give Impact helped DHC gain control of the property to ensure a solid plan to reinvest in the property, protect the current tenants, and ensure long-term sustainability and affordability. This was done by helping secure financing and bringing in our social capital resources to help close the deal. This project impacted a total of 80 people immediately, with 32 units preserved for the long term.
In Their Words
Liz and the team at Give Impact are a delight to work with—not least because it was clear from the get-go that they shared our commitment to the low- and moderate-income residents we serve. We found partners who are creative problem-solvers and energetic networkers who understand the space in which we work. We’re sticking with Liz as our organization continues its journey because we count on the positive outlook and inherent goodness that seems to follow Give Impact wherever it goes. We’re proud to be a part of the web of goodwill and neighborly care she is helping to craft for affordable housing and land preservation in the Charlotte metro region.
— Connie Wessner, Executive Director, Davidson Housing Coalition
