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.
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.