A new affordable housing apartment community for older residents is now open near Sardis Road North and Monroe Road.
Called Sardis Trace, the 78-unit development is scheduled to be dedicated on Friday. The development is reserved for people age 55 and older making less than 60 percent of the area’s median income (about $39,100).
Sardis Trace includes 66 one-bedroom and 12 two-bedrooms units, all with rents less than $800 a month. Rent includes utilities, except for phone, internet and cable.
The Partnership for Income Restricted Housing Leadership, or PIRHL, is the owner and developer of the project. The $9.1 million development was financed by federal and state low income housing tax credits, a loan from the city of Charlotte’s housing trust fund and a mortgage through Bank of America, which also provided a construction loan and a low income housing tax credit equity investment.
“Sardis Trace is located close to stores and restaurants and will provide a comfortable, sustainable, maintenance-free lifestyle for adults 55 years and older,” PIRHL said, in a statement.