CHOIF II fuels affordable housing expansion in Charlotte with grand opening of 60 homes in Ballantyne
CHARLOTTE (August 6, 2026)—A housing investment fund dedicated to addressing affordability gaps for Charlotte residents, managed by LISC Fund Management in partnership with LISC Charlotte, is celebrating the development of 487 new rental homes since its launch—including a new project opening this week in Ballantyne.
The Charlotte Housing Opportunity Investment Fund II (CHOIF II) invested $3 million to support Evoke Living at Ballantyne, which is offering 60 new apartments affordable to people earning between 30 and 80 percent of the area median income. That could include an individual earning less than $25,000, as well as a family of four earning nearly $94,000.
The $24 million project is particularly noteworthy for its location—connecting residents to good schools, vibrant commercial areas, quality jobs and green space in a “high-opportunity” community that otherwise lacks sufficient affordable housing. It was co-developed by the nonprofit Freedom Communities along with CSE Communities and Horizon Development Properties—all Charlotte-based. The project’s affordability is guaranteed for 30 years, ensuring the building’s affordability for decades.
“Charlotte needs more housing—particularly for people with low-to-moderate incomes, who too often face the choice of paralyzing rent hikes or being pushed out of their homes,” said Tiffany Durr, president of LISC Fund Management (LFM).
“Families need affordable housing for their financial and physical well-being. Businesses need it for the well-being of their workers and their customers. And the local economy needs it to support stability and growth,” she said. “When we effectively address housing challenges, everyone wins.”
CHOIF II recently received a $1 million grant from the William R Kenan Jr Charitable Trust, which helped support the fund's investment in the Ballantyne development. The fund has also recently received grant support from U.S. Bank, the Leon Levine Foundation, and the Foundation for the Carolinas, as well as investments from Fifth Third Bank, Ally Bank Foundation, Duke Energy, TD Bank, Truist Bank, and First Citizens Bank. With nearly $18 million raised to date, CHOIF II is the follow-on fund to CHOIF I, which invested $42 million to support construction and preservation of 1,927 affordable homes across the city.
“The William R Kenan Jr Charitable Trust invests in multiple strategies to preserve and expand affordable housing for low- income families across our footprint. This grant aligns with the Trust’s approach which centers on investment in larger projects with established developers or CDFIs that create or preserve single and/or multi-family units at scale,” said Robby Russell, grant officer, William R Kenan Jr Charitable Trust.
“CHOIF II is part of broader efforts to advance economic opportunity throughout Charlotte,” noted Ralphine Caldwell, senior executive director of LISC Charlotte. LISC Charlotte is the local office of the Local Initiatives Support Corporation (LISC), one of the nation’s largest community development organizations, with investments of more than $3 billion annually.
“In a community with limited availability of affordable homes, CHOIF II and developments like Evoke Living at Ballantyne are helping residents gain access not only to quality apartments, but also to opportunities that support economic mobility and growth. It is another quality-of-life investment for Charlotte that will support long-term gains,” Caldwell said.
Together, CHOIF and CHOIF II have supported 19 developments, advancing 2,414 affordable housing units throughout Charlotte.
“Evoke Living at Ballantyne reflects what can happen when public, private and nonprofit partners come together around a shared commitment to housing opportunity,” said Tim Sittema, managing partner of Crosland Southeast. “This community delivers the quality, amenities and access families deserve while helping ensure that more people can participate in all that Ballantyne has to offer. We are proud to celebrate this milestone with the many partners who helped bring the vision to life.”
In the months to come, CHOIF II will continue to support impact-driven developers like those behind Evoke Living at Ballantyne as they preserve and build new homes.
About LISC Charlotte
Local Initiatives Support Corporation (LISC) is a 40-year Community Development Financial Institution (CDFI) committed to comprehensive community development, including investing capital and resources into small businesses, economic development, affordable housing, health & safety, sports & recreation, and education, as well as building the capacity of non-profit partners. LISC Charlotte brings together resources from the public, private, and nonprofit sectors to strengthen Charlotte’s economy and expand opportunities for all residents to thrive. We build partnerships and forge alliances that unite community efforts, drive change and promote lasting prosperity and well-being across the city. Since opening its office in March 2019, LISC Charlotte has invested over $173 million in Charlotte. For more, visit www.lisc.org/charlotte.
About LISC Fund Management
LISC Fund Management, LLC (LFM) is a mission-driven impact investment firm that manages $598 million in assets through 12 national and place-based funds across the United States. LFM is dedicated to expanding access to safe, high-quality affordable housing, fostering economic growth, and supporting small businesses and under-resourced communities. LFM is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and operates as a wholly owned subsidiary of LISC, one of the nation’s largest community development financial organizations. These private funds are available only to eligible investors and are offered solely through their official offering documents.
To learn more about LISC Fund Management, please visit: https://www.liscfundmanagement.org/fund-management
To learn more about the Charlotte Housing Opportunity Investment Fund II, please visit:
*References made to endorsements by any third party to invest with LISC or CHOIF II are not indicative of future performance and do not imply any guaranteed level of service, skill, or training. Investors should not rely on endorsements for any purpose and should conduct their own review prior to investing. None of Ralphine Caldwell, Tiffany Durr, Robby Rusell or Tim Sittema is a “promoter” who is compensated for this statement. The investments discussed do not represent all investments made by CHOIF II. It should not be assumed that any of the investments discussed were or will be profitable, or that investments made in the future will be profitable or will equal the performance of the investments discussed herein. In addition, there can be no assurance that future funds will be able to make investments similar to the historic investments presented herein (because of economic conditions, the availability of investment opportunities and otherwise).
In Buckshot Roulette, I reach a long stretch where neither side has an obvious advantage. Waiting for the right opening becomes the most interesting part of the round.
The fixed viewpoint in Crossy Road allowed me to plan multiple moves before making my next jump.