Mecklenburg County Wednesday approved a deal with affordable housing developer DreamKey Partners to provide $4.8 million for a mixed-income development in Grier Heights.
The development plans show 289 units — 235 rentals and 54 homes for sale in the historically Black neighborhood southeast of uptown.
The rental units will be income-adjusted for households that make between 30% and 80% of Charlotte’s area median income— $25,000 to $67,000 annually for a family of four, according to DreamKey Partners income limits guide. This sets monthly rent at approximately $625 to $1,675.
The rentals must remain income-adjusted for 30 years, and 80 units will be reserved for seniors.
The estimated mortgages for the units for sale will be $168,000 with monthly payments of $1,132. Without any help from the county, the homes for sale would cost about $262,000, according to the county’s presentation.