Affordable Housing Options Expand in Charlotte as NHE Gets Underway Bringing Ovata at Reedy Creek to Life
Partners committed to help reduce “a startling deficit in high-quality affordable housing” across the Carolinas and Southeast
CHARLOTTE, NC and GREENVILLE, SC – August 22, 2023 – Taylor Davis of NHE knows the situation all too well, after spending more than 25 years of his career involved in developing and managing quality, affordable housing properties across the Carolinas. Need far outstrips supply.
Now, with the groundbreaking of Ovata at Reedy Creek in Charlotte, Davis is undertaking development of his third affordable community in North Carolina – this designed for seniors 55 years of age and better – to help address the soaring demand for quality affordable housing while faced with a significant undersupply in communities across the country.
“Throughout the Carolinas and across America, there is a startling deficit of high-quality, affordable housing for families, senior citizens and those of lesser means,” says Davis, President & CEO of NHE, a South Carolina-based developer and property management organization. “Every American deserves the opportunity to live in a quality place where they can be happy, safe and host friends or family in. We want to continue to do our part with the development of Ovata at Reedy Creek.”
Construction of the 78 one- and two-bedroom apartment homes at Ovata at Reedy Creek, located at 9729 Newell Hickory Grove Road in Charlotte, are now underway with target occupancy in Summer 2024. Located off East W.T. Harris Boulevard in northeastern Charlotte, the community — made possible with Low-Income Housing Tax Credits and support from the Charlotte Housing Trust Fund – will be a mixed income property. It will be home to residents earning 30%, 50%, 60% or 70% of the area median income, or a range of $15,000 – $50,000 annually.
Construction on Ovata at Reedy Creek began in June 2023 with site preparations, and currently the building foundation is being prepped and will shortly move into the framing stage. Leasing will begin for interested residents next Spring, with the first residents moving into units in late Summer 2024.
“NHE is excited to help bring Ovata at Reedy Creek to life with our partner organizations, and we thank them for their contributions and vision in helping to create this excellent addition to Charlotte’s affordable housing options,” said Davis. “We continue to explore opportunities in markets across the Carolinas to add high-quality affordable housing like this and appreciate the support of Charlotte’s elected leaders and the community in making this community come to life.”
Residents of Ovata at Reedy Creek will enjoy the convenience of interior hallways and a central elevator system, along with in-home amenities including Energy Star appliances, luxury vinyl flooring, microwaves, wiring for high-speed internet, and washer and dryer hookups. Community amenities include a community room with kitchenette, library and computer lab, fitness room, onsite leasing office and laundry room.
Ovata at Reedy Creek also provides convenient and comfortable living for senior citizens wanting convenient access to shopping, dining, grocery and healthcare facilities, and is near to the popular Reedy Creek Park and Nature Preserve. The community will also be served by CATS, the Charlotte Area Transit System.
Ovata at Reedy Creek is made possible through collaboration by a broad group of partners, all dedicated to expanding high-quality affordable housing for citizens in need. Partners in Ovata at Reedy Creek include development group NHE, Inc. and SCG Development Partners, which are building and financing the project utilizing LIHTC credits administered by the North Carolina Housing Finance Agency. Other key partners include United Bank, Stratford Capital Group, Centrant Community Capital, C. Herman Construction and the Charlotte Housing Trust Fund.
For additional information, contact NHE at 864.467.1600 or visit www.NHE-Inc.com.
# # #
NHE provides professional association management, apartment management, community development and service coordination to communities across the Southeast, and currently represents more than 18,000 homes, apartments and condominiums in 15 states. NHE’s clients benefit from expertise, experience and leading-edge technology delivered by a dedicated staff offering diverse services to ensure premium performance and value. Actively engaged with national and state industry trade associations and government regulatory bodies, NHE holds the prestigious AMO (Accredited Management Organization) designation through the Institute of Real Estate Management and is a multi-year honoree of Top Workplaces in South Carolina and Best Places to Work.