Charlotte developer wants $4.8 million subsidy for development in Grier Heights
A Charlotte developer is asking Mecklenburg County for about $4.8 million to subsidize a housing project in Grier Heights.
The taxpayer dollars would help bring down the cost of homes within the site, making them more affordable for people with lower incomes, according to information presented to county commissioners Tuesday.
Without any help from the county, homes would cost about $262,000. That would drop to about $168,000 with the county’s subsidy. The developer would also rely on help from Charlotte’s Housing Trust Fund for the sale price to reach $168,000, according to the presentation.
About $1.3 million of the county’s money would go to public road infrastructure, $1 million to environmental and wetlands mitigation, $822,000 to water and sewer, and $1.69 million to a subsidy for for-sale homes.
Charlotte has a significant shortage of affordable housing — of both rental units and for-sale homes. County commissioner Mark Jerrell said Tuesday that the $168,000 sticker price we “almost unheard of in our community.”
“This is just phenomenal,” he said. “I can’t stress it enough how phenomenal this number is.”
New Charlotte housing development
The development would be off Wendover Road, near Randolph Road Park.
DreamKey Partners, the chief developer, is working with Crossroads Community Development Corporation, a faith-based nonprofit that has been working with nearby residents to talk about the impact of the new development.
The plan currently calls for the construction of 288 total residential units: 155 rentals; 80 rental units reserved for senior citizens; and 53 for-sale units. There would be a variety of styles, including apartments, townhomes and standalone houses.
There would also be a shared outdoor space.
The rentals would be reserved for people with 80% or lower of the area median income, while the for-sale units would be reserved for people who make between 50-80% of the AMI.
Last year, as the Observer has previously reported, 80% AMI income for a household of four people was $67,350 ($47,150 for one person).
Jaqueline McNeil, the real estate management director for Mecklenburg County, told commissioners on Tuesday that 80% of the rentals would go to people who make between 30% and 60% AMI.
If the county signs an agreement with the developer, construction could begin in March 2023 and run through July 2025.
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