Here's where developers are planning almost 1,000 affordable apartments in Charlotte
Developers are seeking almost $24 million worth of subsidies from Charlotte's Housing Trust Fund to build new affordable apartments throughout the city, as rents continue to rise.
The latest round of requests was presented last week at a meeting of City Council's Housing and Development Committee, and the full council is scheduled to consider them April 23. The previous round of funding, almost $21 million, took up most of the Housing Trust Fund's remaining balance when it was awarded last year.
The Housing Trust Fund, established in 2001, is funded by voter-approved bonds, which provide the city with $15 million to spend every two years. But in the wake of protests sparked by a fatal 2016 police shooting, coupled with rapidly rising rents and home prices, City Council has been increasingly focused on affordable housing. City Council members have indicated they plan to sharply increase the next round of Housing Trust Fund bonds, but haven't given an exact figure for how much they'll seek to raise.
The latest round of funding requests shows developers are largely focused on building affordable housing in the north and southwest parts of Charlotte. Only one proposed development is near the southern "wedge," Charlotte's most affluent area.
The development plans are dependent on projects receiving federal tax credits as well, however, and given how competitive those are it's unlikely they will all receive the credits and move forward.
The developments proposed would be almost entirely restricted to tenants making 60 percent of the area's median income or less, roughly $42,420, and most would be age-restricted, for elderly renters.
In previous years, some projects subsidized by the city have targeted renters making up to 80 percent of the area's median income, despite a consultant's conclusions that there was enough housing for people making that amount, and the real crisis was for people making far less.
Here's a breakdown of exactly what developers are proposing and how much funding they want from the Housing Trust Fund:
Bingham Park, by Mosaic Development Group; 60 units, for elderly renters. Funding request: $775,000.
Guardian Angel Villa, by Douglas Development Group; 81 units. Funding request: $1.75 million.
Mineral Springs, by the NRP Group; 90 units. Funding request: $1.55 million.
Nevin Road Apartments, by Laurel Street Residential; 46 units. Funding request: $1.15 million.
Nolley Court Seniors, by The Housing Partnership; 103 units, for elderly renters. Funding request: $2.1 million.
Northlake Seniors, by the NRP Group; 70 units, for elderly renters. Funding request: $1.5 million.
Rivergate Greene, by the Woda Group; 72 units, for elderly renters. Funding request: $1.9 million.
Sugar Creek Greene, by the Woda Group; 72 units. Funding request: $1.84 million.
The Park Seniors, by Laurel Street Residential; 80 units, for elderly renters. Funding request: $1.8 million.
924 W. Sugar Creek, by Mosaic Development Group/Crosland Southeast; 180 units. Funding request: $5.3 million.
Brookshire Boulevard Apartments, by Laurel Street Residential; 96 units. Funding request: $4.2 million
This story was originally published April 3, 2018 at 8:00 AM with the headline "Here's where developers are planning almost 1,000 affordable apartments in Charlotte."