New affordable housing projects in Charlotte would spend last of $50M bond
The remaining $12.4 million in Charlotte’s Housing Trust Fund could help build 600 affordable housing units.
Charlotte City Council will consider seven developments, which would spend the last of the $50 million housing bond Charlotte voters approved in 2020. They are a mix of senior apartments and those for all ages, as well as for-sale townhouses.
For many years the Housing Trust Fund primarily was used to subsidize building low-income apartments, though more recently it’s also supported preserving existing affordable housing and for-sale projects to increase homeownership.
The recommended developments are:
- Forest Park Apartments, 7140 Forest Point Blvd: Developer NRP Group seeks $2.5 million to build 200 affordable apartments.
- Northlake Center Apartments, 10400 Northlake Centre Parkway: Developer WODA Cooper Companies seeks $500,000 to build 78 units.
- Evoke Living at Eastland, 5601 Central Ave: Crosland Southeast Communities and Opportunities South seek just under $2.5 million to build 78 senior apartments.
- Mallard Creek Seniors, 7123 Mallard Creek Road: DreamKey Partners seeks just under $3 million to build 102 senior apartments.
- Marvin Road Apartments, 3712 Marvin Road: DreamKey Partners seeks $2.24 million to build 70 units.
- Parkside at Long Creek, 8400 Mt. Holly-Huntersville Road: SCG Development Partners seeks just under $1.5 million to build 57 senior apartments.
- East Lane Townhomes, East Lane Drive: Habitat for Humanity Charlotte Region seeks $230,000 to build 17 affordable for-sale townhouses.
To fund them all, Charlotte City Council members will need to approve spending $3 million from the fund that had been set aside for Brookhill Village, which has suffered many setbacks and failed redevelopment efforts. The new owner, Charlotte businessman Mike Griffin, previously told the Observer his current plans — which include building affordable housing for current residents — would not involve money from the trust fund.
Council members are expected to vote on the developments April 11.
Charlotte will ask voters for another affordable housing bond in November, though the amount has not yet been announced. Some city leaders and affordable housing developers, have said a larger bond amount would allow more affordable housing to be built each year.
But opinions are mixed on how best to address the persistent housing crisis.
Several acknowledged that despite two decades and $219 million spent from the trust fund, the 10,818 permanent housing units and 888 shelter beds created or preserved haven’t made a significant dent in the shortage.
Tariq Bokhari, a Republican who represents District 6, said it’s time the city re-evaluate its strategy.
“You could quadruple the record breaking amounts we’ve been spending the last four years, every single year, and we’re still only treading water,” he said.
This story was originally published April 5, 2022 at 11:55 AM.
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