Charlotte leaders are expected to approve $5 million on Monday for affordable housing geared toward multifamily rentals and future homeownership through the city’s Housing Trust Fund.
The agenda for Monday’s City Council meeting states the money would add 140 affordable housing units and 19 homeownership units to Charlotte’s existing supply. The developments will be named Mallard at Sugar Creek, Grounds for Change, Legacy Vista and Little’s Landing. Housing and Neighborhood Services Director Shawn Heath said last year that the Housing Trust Fund can easily plan out these developments, primarily because it’s all voter-approved, city-funded housing that’s on land owned by the city of Charlotte.
“In the last few cycles, voters have overwhelmingly endorsed a $50 million housing bond, which we then have that money available to support the housing trust fund for a two-year period,” Heath told WCNC Charlotte last August.
Some of the funding is also contingent on developers receiving a Low-Income Housing Tax Credit award from the North Carolina Housing Finance Agency. Monday’s meeting starts at 5 p.m. at the Charlotte-Mecklenburg Government Center.
No comments