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Housing

Our Strategic Priorities

Affordable housing is in extremely short supply in Western North Carolina, so we are working to preserve and add to available housing stock. Numerous area partners bring strengths, expertise, and assets to this work. In many cases, Dogwood will play the role of bridge funder, loan guarantor, or equity partner rather than simply writing a grant check. This helps increase our impact in the region while preserving grant funds for other strategic purposes.

Our vision for the next several years is to create at least one affordable or workforce housing project in every county we serve. That work is just getting started, but we’ve already invested in several exciting projects.

McDowell County Affordable Housing Development
We are contributing $204,000 in grants, $100,000 in pre-development costs, and up to $18.85 million in loan guarantees, letters of credit, and equity contributions to support a collaborative effort among Housing Assistance Corporation, Gateway Wellness Foundation, McDowell County, McDowell Technical Community College, McDowell Economic Development Association, and the City of Marion to develop workforce housing in Marion, NC. Gateway Wellness Foundation is contributing land for this project that was gifted to them by McDowell County and McDowell Technical Community College, as well as up to an additional $500,000 short-term letter of credit. Housing Assistance Corporation serves as the primary developer. 

The new housing complex will be located alongside the campus of McDowell Technical Community College in Marion and will provide 168 units through one, two, and three-bedroom options, serving residents at 80 -120% of the average Area Median Income (AMI). The project is expected to generate nearly $20 million in economic activity while utilizing local vendors, suppliers, and trades both during construction and afterwards for ongoing property management. 

Oklawaha Housing Development Project
Dogwood is assisting Housing Assistance Corporation in the addition of eight affordable units to an existing HAC-supportive housing development in Henderson County, The Cottages of Oklawaha.

Our Goal: Invest in the creation of 500 affordable housing units by the end of 2020 (accomplished); construction of 168 units to begin in 2021

Our Strategies:

  • Support evaluation and predevelopment of affordable housing sites
  • Build new units
  • Preserve affordable units that are in jeopardy

PARTNER PROFILE

Housing Assistance Corporation

From providing minor repairs to the homes of low-income residents to packaging financing for lower-income homebuyers, to constructing affordable housing for those in the workforce, HAC ensures that people have safe and stable housing that forms the foundation for healthy and productive lives.