Prosperity Unlimited

Prosperity Unlimited, Inc. (formerly Cabarrus County Community Development Corporation) began forming in February 1993 to serve low- and moderate-income families who lacked access to affordable housing, due in part to the large gap between housing provided by Habitat for Humanity and homes available in the private real estate market. The organizati... on was incorporated in November 1993 and received its 501c)3 tax-exempt status as a charitable organization in April 1994. The organization became a state certified Community Housing Development Organization (CHDO) on July 18, 2000. In 1994, Wachovia Bank loaned Prosperity Unlimited the necessary funds to purchase a small parcel of land. It took one and half years to develop this land with our first affordable homes. In the meantime, Prosperity's founding Board Members participated in training provided by the National Development Council on Housing Development Finance; and two board members were trained as housing counselors. After a series of meetings with experts and leaders in the field of community economic development (e.g., Abdul Sm Rasheed of the N. C. Community Development Initiative, Dean Edwards of The Affordable Housing Group, and Steve Osborne on the staff of the City of Concord), the organization's treasurer wrote our first two grants proposals requesting funds for the organization to operate as a community development corporation (CDC), during the fourth quarter of 1994. During the first quarter of 1995, the organization was awarded $10,000 from the Cannon Foundation, $6,000 from the City of Concord and $17,000 from the N.C. Rural Center. The first part-time housing counselor was hired in April 1995; and a part time executive director was hired in June 1995. By September 1995, Prosperity assisted five families become ready to purchase homes. One of these families purchased the home in which they were living and the other four families purchased homes built by Prosperity on the small parcel of land it bought in 1994. Based on the success of the four ...Read More