Charlotte City Council is set to vote Monday night on a proposal that would fund a 112-unit affordable housing project in the Belmont neighborhood.
The plan by Laurel Street Residential, a Charlotte-based firm that develops affordable housing, is to build 112 units on Allen Street, on vacant property at the corner of East 16th Street. Fifty-two of the units would be multifamily housing, while 60 would be reserved for seniors. The land is owned by nearby St. Paul Baptist Church.
Affordable housing has been a challenge in Charlotte, as high demand for apartments drives up rent and older neighborhoods are swept up in a wave of gentrification.
Sign Up and Save
Get six months of free digital access to The Charlotte Observer
On Monday, City Council is being asked to authorize the Charlotte Housing Authority to issue $8 million worth of bonds to help fund the project. The city wouldn’t be on the hook for the bonds, but council still must authorize their issuance. City Council already approved a $4.35 million allocation from Charlotte’s housing trust fund earlier this year, a fund that finances affordable rental units.
Monday’s request is on City Council’s consent agenda, which means it can be voted on and passed along with a block of other, unrelated items. Items on the consent agenda are typically passed without discussion.