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October 22, 2008
Seigle Point (former Piedmont Courts Site) Opens; Community Gathers to Celebrate HOPE VI Revitalization

WHAT:
Seigle Point Grand Opening Celebration (former Piedmont Courts site)

WHO:
More than 200 citizens, housing professionals from throughout the region, representatives of the business community, former Piedmont Court residents from the 1940's to early the 2000's, and elected officials are scheduled to attend.

WHEN:
October 28, 2008
11:00AM-1:00PM

WHERE:
Seigle Point
110 Winding Path Way
(near the corner of Seigle Avenue and 10th Street)
Charlotte, North Carolina

WHY:
A Grand Opening Celebration will be held at Seigle Point (former Piedmont Courts site) in Charlotte's Belmont neighborhood. The event is being put together by the Charlotte Housing Authority (CHA) with assistance from Seigle Avenue Partners, TCG Development Services, Grubb Properties, and Carocon Construction Company. The ceremony will celebrate the opening of the mixed-income apartment development.

Seigle Point Apartment Homes will consist of 204 garden-style apartments serving families who earn 60% or less of the average median income of Charlotte with half of the units dedicated to families earning 30% or less. The buildings will be three story walk ups that are consistent with the urban mid-rise design of the adjacent uptown Charlotte neighborhoods.

A community building of approximately 11,000 square feet is centrally located on the site with several amenities including after school academic programs that focus on the entire family provided by Seigle Avenue Partners. The community will also feature an abundance of green space, throughout the development and along the adjacent Greenway, and planned athletic fields for outdoor activities.

The community's key financing comes from the U.S Department of Housing and Urban Development (HUD) through a HOPE VI grant in the amount of $20 million. In addition to the HOPE VI funding, the development combines $12.3 million in federal and state tax credits, $1.8 million from City of Charlotte's Housing Trust Fund, $500,000 Affordable Housing Program subsidies from the Federal Home Loan Bank of Atlanta, $843,000 from CHA's Replacement Housing Factor Funds, and a $3.4 million construction loan from Bank of America.

Piedmont Courts is the fourth Charlotte Housing Authority community to receive a HOPE VI revitalization grant from the U.S. Department of Housing and Urban Development. HOPE VI funding serves as a catalyst for transforming public housing and the surrounding neighborhood into thriving mixed-income communities.

A reception and community tours will follow the ceremony.

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