The Prosperity Ridge Apartments are now open. A joint project between the City of Kannapolis, Cabarrus County and two local non-profits, Prosperity Unlimited, Inc. and Wesley Community Development, the apartments will serve senior adults.
Located at 1430 El Paso Street, the apartments are restricted to people who are over the age of 55 and have limited incomes. The 60-unit complex is a project spearheaded by the non-profits, Prosperity Unlimited, Inc. and Wesley Community Development, who are working to address the needs of affordable housing for seniors in the area. Six of the units are handicap accessible.
Rents are based on residents’ income levels. Rents for one-bedroom units range from approximately $353 to $650 per month, while two-bedroom apartments rent from between $418 and $770, making them affordable to households earning between 30% and 60% of the area median income. Amenities include a fitness room, common gathering areas, outdoor grill, and laundry facilities.
Funding for the apartments came from the North Carolina Housing Finance Agency, with construction financing provided by Banking Branch & Trust now Truist and permanent financing from Centrant Community Capital. The total cost of the project was $8 million. City of Kannapolis and Cabarrus County provided local HOME funding from the U.S. Department of Housing & Urban Development to contribute to the project.
If you would like more information on renting an apartment in Prosperity Ridge, call the Prosperity Ridge Apartments office at 704-925-3753.
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