Charlotte OKs $23.64 million for developers to build 625 housing units. See where
The Charlotte City Council voted Monday to spend $20.26 million from the Housing Trust Fund and another $3.38 million in federal money to help pay for more than 600 affordable units.
The council voted 10-1 to fund eight projects. Councilman Tariq Bokhari was the sole dissenting vote, saying affordable housing is a massive problem the council isn’t making a dent in.
“It’s tens of thousands of units that’s the problem,” he said, “Meanwhile, we’re talking about hundreds of units here.”
The council drained the trust fund in December before it was replenished with $50 million approved by voters in a November bond referendum. The city first created the Housing Trust Fund in 2001 to provide financing to developers to building affordable housing.
One condition of the city’s approval: at least 20% of the development’s units must be for people who earn 30% of the area’s median income. Last year, that meant $19,800 for a single person, $22,600 for a couple and $28,250 for a family of four. The units also will be subject to a deed restriction — some up to 40 years — that keeps them affordable.
Most of the projects approved Monday also are eligible for tax credits.
The allocations approved by council Monday from the Housing Trust Fund include:
- Union at Tryon — $3.8 million in funding for 200 units off of North Tryon Street in University City.
- The Vue at Honeywood — $3.4 million in funding for 108 units at Honeywood Avenue.
- Evoke Living at Ballantyne — $3.1 million in funding for 60 units at 15024 Ballancroft Parkway.
- Marvin Road Apartments — $3.4 million in funding for 70 units at 738 Billingsley Road.
- River District Apartments — $5.8 million in funding for 87 units on 8325 Dixie River Road.
- Aveline Townhomes — $630,000 in funding for 18 units at 2923 Sam Drenan Drive.
The council also allocated $3.38 million in federal funding toward two affordable housing projects:
- Long Creek Senior Apartments — $2.25 million in funding for 57 units at 8400 Mt. Holly-Huntersville Road.
- Hope Springs Subdivision —$1.13 million in funding for 25 units at 1029 Peachtree Road.
The council appeared poised to vote “no” on a last-minute, $1.7 million proposal to include Sycamore Station at 6055 Calle Lumina Way in east Charlotte, but councilwoman Dimple Ajmera pulled her motion to add it to the approval list.
Shawn Heath, director of Housing and Neighborhood services, said the funds would have ensured 34 of the 168 proposed units would be set at less than 30 percent of area median income. Heath said the trust fund has historically been used for gap funding before financing is settled and this project was well into construction.
Councilwoman LaWayna Mayfield said she worried a “yes” vote would encourage developers to ask for dollars to finish projects already underway.
Mayor Pro Tem Braxton Winston said the council had a responsibility to create transparent processes with the fund for developers and taxpayers.
“This doesn’t feel very transparent,” he said.
This story was originally published April 25, 2023 at 6:00 AM.
