Greystone Affordable Development and Weaver-Kirkland Development, LLC Hold Ribbon Cutting Ceremony for Kirkwood Grove, New Senior Affordable Housing Property in Hudson, NC
Attendees at the ribbon cutting event: Janet Winkler, Mayor of Hudson, North Carolina; Jon Purinai, Greystone Affordable Development; Robert Jolley, Weaver-Kirkland Development LLC; Robin Ramsey, Western Regional Representative from Thom Tillis’ office; Scott Farmer, North Carolina Housing Finance Agency; David Payne, Regions Bank; Sherry Long, Western Piedmont Council of Governments
Greystone Affordable Development and Weaver-Kirkland Development, LLC held a grand opening ceremony to celebrate the completed development and lease-up of a 70-unit age-restricted affordable housing community in Hudson serving seniors aged 55+ with household incomes ranging from 40% to 60% area median income (AMI).
Kirkwood Grove is the result of a strategic partnership formed by these two industry-leading affordable housing developers, and is the first of several affordable housing developments that are planned in North Carolina by this joint venture over the next couple of years.
To fund the $12.9 million development of the project, the partnership was awarded 9% Housing Credits from North Carolina Housing Finance Agency (NCHFA) purchased by Regions Affordable Housing which generated $6.7 million in capital contributions, along with a $2.2 million in USDA Section 538 guaranteed loan from Churchill Stateside Group. Additional funding of $2.1 million was provided by NCHFA-administered loan programs, including the Workforce Housing Loan Program and Rental Production Program, as well as $300,000 in HOME Investment Partnerships Program funds provided by the Western Piedmont Council of Governments Unifour Consortium.