March 31, 2021, Charlotte, NC…Affordable housing is in tight supply throughout the nation so it is not surprising there are only a few openings left at the new Rivergate Greene located at 13731 South Tryon Street. The new community developed by Ohio-based Woda Cooper Companies, Inc. offers one-, two-, and three-bedroom apartments for households that earn up to 30 to 60 percent Area Median Income (AMI).
“Like many other growing and thriving cities throughout the country, the City of Charlotte currently has an inadequate supply of high-quality affordable housing. To that end, the City Council, through the use of the Housing Trust Fund, provided $1.9M of gap financing to support this development. This funding is another example of how the City utilizes public/private partnerships to address community needs while promoting equity and inclusion by leveraging local, state and federal resources,” said Pamela Wideman, Director, City of Charlotte Housing & Neighborhood Services.
Rivergate Greene features apartments with large family-friendly living spaces; fully equipped kitchens with ENERGY STAR appliances, including dishwashers; high-quality contemporary cabinetry and finishes; washer/dryer hookups; and balconies or patios for each unit. There are seven units with features for those with disabilities. Community amenities include a clubhouse with community room, central laundry, playground, and gazebo with picnic area.
“Rivergate Greene provides an excellent affordable housing option for families or singles in the workforce or retired seniors,” said Woda Cooper Senior Vice President Denis Blackburne. “Units are reserved for a mix of incomes depending on family size — up to $58,140 for a family of six in a three-bedroom unit. The apartments offer energy-efficient, comfortable units that appeal to today’s renters with an array of amenities and onsite management.”
Rivergate Greene’s financing was supported with Low-Income Housing Tax Credits allocated by the North Carolina Housing Finance Agency (NCHFA), who also provided loans via the Integrated Supportive Housing and Workforce Housing Loan programs.
“Rivergate Greene is yet another example of how affordable housing can work for communities in North Carolina,” said Scott Farmer, executive director of NCHFA. “The last year has highlighted the need for more affordable housing statewide, and the Agency is proud to partner on this development which will provide more than 70 homes for working families in Charlotte.”
Bank of America Community Development Banking invested in the tax credits in exchange for equity financing and also contributed a mortgage loan and construction loan. “Bank of America Community Development Banking is pleased to provide more than $20 million toward Rivergate Greene, including $8 million in tax credit investment, a $2.4 million debt mortgage, and $9.2 million for the construction loan. This will help create much-needed affordable housing for families in Charlotte,” said Miles Cary, Senior Vice President of Community Development Banking at Bank of America. “Rivergate Greene is a great example of the impact we can make to help the most vulnerable in our communities and demonstrates our continued commitment to support the communities where we work and live.”
Rivergate Greene is located in the Steele Creek neighborhood on the southwest side of Charlotte. “The Steele Creek Residents Association has been an initial point of engagement and community feedback for developers for over 40 years. The recent building boom in Charlotte has brought many new developers with lots of promises that are not always delivered. Rivergate Greene is different. We were impressed when Denis Blackburne recently gave us an update – they built just what they promised and we are pleased to have Woda Cooper as a new part of the Steele Creek Community,” said Javier Lopez, President, Steele Creek Residents Association
Project architect was TightLines Designs, Inc. of Raleigh with civil engineering by Mc2 Engineering, Inc. of Charlotte. Woda Cooper Companies’ construction division was general contractor and its management division oversees operations and property management. For more information about Rivergate Greene, visit www.wodagroup.com or call 614-396-3200 or 704-249-7521.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family apartments, senior communities, and single-family homes. The company marked 30 years in business May 2, 2020, with operations in 15 states and a portfolio of approximately 350 communities and more than 14,000 units. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. In addition to its Columbus headquarters, Woda Cooper has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Annapolis, MD; Mackinaw City, MI; Charlotte, NC; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 10th in nation among Developers and 14th among Owners on May 1, 2020.