Gastonia, a city that sits just west of Charlotte, North Carolina, boasts a desirable combination of natural surroundings and a vibrant business environment. Gastonia's ideal location, size, and atmosphere have allowed the city to be selected as an "All-American City" three times. The overall population of Gastonia has been steadily growing, especially among senior renters (55+) in part due to its proximity to Charlotte and smaller town feel. The senior demographic is expected to continue to grow over the next few years. The demand for additional affordable housing options in the community is clear with area Low Income Housing Tax Credit (LIHTC) properties regularly maintaining 100% occupancy with lengthy waitlists.
Glenwood Gardens is a new construction development comprised of 58 affordable housing units for seniors earning less than 60% of the Area Median Income. The split-level elevatored building consists of one- and two-bedroom units that are equipped with a range, refrigerator, dishwasher, ceiling fans, walk-in closets, and emergency pull cords. The property's design allows all units to open to an interior hallway and includes self-locking exterior doors that have keypads for added security.
New Construction: 58 Units
Private Equity Investment: $5,842,215
Local Jobs Supported: 52
Local Government Revenue: $985,770
Mosaic Development Group partnered with CAHEC for the sixth time to serve as the developer of Glenwood Gardens. The Charlotte-based non-profit has been developing affordable housing as well as providing technical assistance to community and faith-based organizations in North Carolina for over 50 years. The property is being co-managed by Mosaic and Excel Property Management. Excel specializes in the management of more than 4,200 affordable units across 85+ properties.
Glenwood Gardens is located in eastern Gastonia within an established community that includes residential homes and an array of businesses and services that are desirable to seniors. Residents also have convenient access to public transportation options and will be able to enjoy the covered drop-off area in front of the building. The property also features a community room, computer center, fitness facility, craft area, library, laundry room, and a patio with a gazebo and seating area. Glenwood Gardens offers a place that is affordable, safe, and convenient for local seniors to call home.