About Ascension Presentation by ascensioncommuities.org

Creating Pathways to Attainable and Sustainable Homeownership, and Economic Mobility

OVERVIEW

Ascension CDC (Ascension) is transforming attainable housing in the Charlotte, NC. Our mission goes beyond providing affordable "for-sale" homes in mixed-income, inclusive communities. We empower households with the tools and knowledge necessary to build accelerated generational wealth. This includes education in home maintenance, financial literacy, and sound financial planning.

Ascension’s vision is to uplift underserved communities by creating sustainable, affordable housing that promotes long-term economic growth and opportunity. We aim to foster neighborhoods where pride and ownership thrive, ensuring that all residents, regardless of income, have access to high-quality homes and the ability to build wealth and secure their futures.

We partner with government, nonprofits, and private sector organizations to provide funding, resources, and support, ensuring positive outcomes for individuals and families from underrepresented communities.

CURRENT Housing CHALLENGES

Confluence of Issues

The lack of attainable housing threatens community stability and economic security, pushing families into substandard or high-cost burden housing that limit access to essentials like healthcare and education. Ascension aims to address this by fostering public-private partnerships to expand housing options, advocating for inclusive zoning policies, and promoting financial literacy to empower sustainable homeownership.

Charlotte Update

The "missing middle" concept refers to a significant gap in the housing market, particularly affecting individuals and families with middle-income earnings falling within the 80 to 120% of the Area Median Income (AMI) range. This gap arises from a need for more diverse and attainable housing options tailored to the needs of middle-income households. There needs to be housing solutions that cater to those in the middle, as opposed to low and higher-income earners.

Economic Mobility

Families and individuals often find themselves trapped in a cycle that limits economic mobility. This group struggles with limited access to affordable homeownership options, which are crucial for building wealth and stability. Without equitable access to housing, the missing middle faces obstacles to financial growth, making it difficult to invest in education, healthcare, or career opportunities.

Innovative Solutions

Homeownership is Affordable Housing

Ascension emphasizes a crucial distinction in addressing Charlotte's attainable housing challenge. While the city's housing issue often centers on rental accommodations, our approach underscores the affordability and accessibility of homeownership. Our philosophy is clear: "Homeownership is Attainable/Affordable Housing.“

By owning a home, individuals gain stability and equity, which can lead to significant long-term savings. Unlike renting, where payments contribute solely to a landlord's profits, homeownership allows individuals to invest in an asset that can appreciate in value over time. Moreover, with fixed-rate mortgages, homeowners can enjoy predictable monthly payments, shielding them from the volatility often associated with rental market fluctuations. Ultimately, by promoting homeownership as a viable and affordable housing solution, we aim to empower Charlotte residents to achieve financial security and build generational wealth.

Attainable (Affordable) Housing

Rent / Lease

• Potential for Transience

• Gap Funding: LITHC, Housing Vouchers, Section 8

• Potentially inadequate accommodations

• Segregation Stigma

• Lack of Autonomy

Differentiated Approach & Impact

Home Ownership / Mortgage

• Upward Mobility

• Downpayment Assistance

• Mortgage / Financing Subsidies

• Inclusionary Housing

• Wealth Creation /Financial Empowerment

Ascension CDC

Inclusive Housing Solution & Economic Mobility Catalyst

Ascension, a Charlotte-based 501(c)(3) non-profit founded in 2023 by James Scruggs, CEO and President of Kingdom Development Partners (KDP), embodies visionary leadership and a passion for community transformation. Under Scruggs' guidance and decade-long experience and expertise in real estate development, construction, and real estate investing, Ascension’s mission focuses on helping the “missing middle” create accelerated generational wealth through attainable homeownership in mixed-income communities that are inclusive and sustainable.

Ascension’s Mission & Vision

Attainable Homeownership

To revolutionize attainable housing in the Charlotte Metropolitan Area. Our mission extends beyond providing attainable "for-sale" homes in mixed-income, inclusive communities. We empower “attainable” households by equipping them with the knowledge needed to build accelerated generational wealth, including guidance in home maintenance, financial literacy, and sound financial planning decisions.

Accelerated Wealth Creation

Ascension is dedicated to fostering accelerated generational wealth for attainable households by creating vibrant, mixed-income communities. This mission is realized through initiatives that make homeownership accessible and sustainable, prioritizing affordable housing solutions as a path to financial security. Ascension emphasizes wealth generation by providing affordable homeownership options, tax relief for qualifying residents, and comprehensive financial and sustainability education..

Ascension’s mission propels its distinctive approach to community development. We prioritize creating 'market-indistinguishable’ housing in mixed-income communities, emphasizing accelerated wealth generation through attainable homeownership, tax relief for qualifying residents, and comprehensive financial and home sustainability education. Our educational initiatives empower future homeowners with financial literacy readiness and community engagement skills, ensuring their long-term success and stability.

Ascension’s

Model at Work

Our Impact

Impact Philosoph y

Ascension embraces Collaborative Capitalism, an economic model that fosters collaboration among businesses, governments, nonprofits, and other stakeholders to address pressing societal challenges. Unlike traditional capitalism, which often focuses solely on profit, Collaborative Capitalism aims to create value for all parties by addressing issues like poverty, inequality, and environmental degradation. Through strategic partnerships, Ascension develops sustainable, mixed-income communities that empower residents to build wealth, achieve financial literacy, and access long-term economic mobility. This approach recognizes that collective action can effectively tackle complex problems that individual efforts alone cannot solve. By aligning diverse partners, Ascension ensures that communities not only survive but thrive, promoting social equity, environmental sustainability, and economic opportunities that have lasting impact for generations.

OLLABORATIVE C apitalism C HARITY C &

Outcomes-Driven

• Intentionality

• Accountability

• Constituent Alignment

Risk-Mitigating

• Transparency

• Governance Processes

• Shareholder Engagement

Differentiated Approach & Impact

Partnerships; Social Enterprise; Corporate Social Responsibility; CRA

Note: Adapted from ”The Impact Investor.” – Clark, Emerson & Thornley

Key Goals & Programming Objectives

Over the next eight to ten years, Ascension CDC aims to facilitate the creation of over $20 million in wealth for attainable households through the development of 650 homes in 10 -15 mixed-income communities and through financial literacy, homeownership readiness, and community engagement programs to support residents in achieving their homeownership goals. Twenty to thirty percent of these homes will be designated for households earning 80 to 120% of the Area Median Income (AMI).

Programming 1

Home Ownership

This program is designed to provide supportive services such as credit counseling, budgeting skills, household maintenance understanding, wealth-building awareness, etc.

KEY 8-YEAR GOALS & OBJECTIVES

Programming 2

Home Maintenance

This helps homeowners preserve their investment by promoting proactive upkeep, like changing air filters, reducing costly repairs, improving efficiency, and ensuring homes remain safe, comfortable, and valuable for years to come.

Programming 3

Finacial Literacy / Planning

This program educates homeowners on leveraging equity wisely, covering strategies like saving, investing in 529 plans, stocks, bonds, or mutual funds to build wealth and secure long-term financial stability.

Programming 4

Property Tax Relief

This program develops a strategy to lessen the property tax burden for attainable households by using a pool of available funds to assist families if the property tax burden exceeds a family's ability to pay.

Ascension Governance

Ascension, a Charlotte-based 501(c)(3) non-profit founded in 2023 by James Scruggs, CEO and President of Kingdom Development Partners (KDP), embodies visionary leadership and a passion for community transformation. Ascension is committed to forging impactful public-private partnerships that shape and invest in projects, policies, and programs fostering neighborhood revitalization and community metamorphosis.

Under Scruggs' guidance and decade-long experience and expertise in real estate development, construction, and real estate investing, Ascension’s mission focuses on helping the “missing middle” create accelerated generational wealth through attainable homeownership in mixedincome communities that are inclusive and sustainable. Torrey Feimster, CEO of Ascension CDC, plays a pivotal role in overseeing the organization's day-to-day operations, strategic direction, and implementation of its mission.

BOARD OF TRUSTEES

s The board of trustees comprises five dedicated volunteer members who contribute their time, expertise, and resources to benefit the Charlotte community. Their responsibilities include offering leadership, guidance, and advisory support to Ascension's activities and ensuring the organization's effectiveness and impact.

James Scruggs CEO, Kingdom Development Partners

Charles Woodyard CEO, Daytona Beach Ascension Authority

Liz Ward Founder, Give Impact Advisory Services

Greg Kilpatrick Partner, Chair of Securities and Capital Markets at McGuireWoods

Hugh McColl Jr Co - Founder and Chairman Emeritus of Falfurrias Capital Partners

CEO

Torrey Feimster Ascension CDC

James Scruggs CEO, Kingdom Development Partners

Opportunities

Making A difference

Ascension invites public-private partnerships and individual contributions to advance our mission of creating diverse-priced housing communities. Your support, whether through philanthropic funding, home downpayment assistance, affordable mortgages, or operational contributions, directly fuels our efforts to provide affordable and sustainable homeownership opportunities. Together, we can make a significant impact, fostering economic mobility and building vibrant communities where everyone can thrive.