NEWS

On Wednesday, June 21, 2023, Davidson Housing Coalition (DHC) became the sole owner of The Bungalows, a 32-unit affordable rental community on Jetton Street in Davidson. The move signals a new chapter in the nearly 23-year history of the property and for the 51 residents who call the community home.

“We are so excited to have taken this important step on behalf of the residents, the neighborhood, and the town,” said Connie Wessner, DHC’s executive director. “We can focus our energies and resources now on building new partnerships directly with tenants and updating and improving the units.” She pointed to the Davidson community’s optimism and pride when The Bungalows opened in November 2000. “DHC is committed to bringing back that pride of place and embracing our role as both advocate and property owner.”

The property transfer came at the end of an arduous, nearly four-year effort by DHC to reach an agreement to exit both the limited partner who held a super-majority interest in the property, as well as the managing general partner. “We know the process created a lot of anxiety for our residents,” explained DHC Board Chair Margaret Martens.

“We know the complexity of the transaction created uncertainties for the community. Far more positive developments are on the horizon.” Martens added that residents will see changes in property management and to the buildings and grounds in the coming months and years that will underscore DHC’s lasting commitment to The Bungalows.

Wessner and Martens credited two local organizations: GiveImpact Advisory Services, a Charlotte-based boutique firm that focuses on affordable housing and upward mobility solutions, and Crescent Communities, a Charlotte developer with a national presence and a commitment to creating affordable housing options in the markets it serves, for helping structure the deal announced today. “They got us over the finish line, and we could not have done it without the commitment they’ve shown to affordable housing and to Davidson, and to the potential they see in The Bungalows,” confirmed Wessner.

“We know our residents are eager to see changes for the better to their community,” Martens added. “We’re diving in on a day by day, month by month, year by year effort to realize fully the vision our board has carried for The Bungalows since we first dreamed them on to a set of blueprints. Then, as now, DHC will enlist the support of the broader Davidson community to help make that vision a reality.”

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Davidson Housing Coalition is a North Carolina, 501(c)3 nonprofit corporation with a mission to preserve and create affordable housing options and to prepare families and individuals for financial stability and home ownership. Founded in 1997, DHC has created 60 affordable rental units and 14 land-lease home ownership opportunities for people who earn less than 80% of area median income.

For more information, contact: Connie Wessner, Executive Director, by email, or phone 704-892-4486. Visit the website.