City Council approves last affordable housing trust fund dollars, to pay for 600 units
Charlotte City Council members approved spending the last $12.4 million in its affordable housing trust fund on Monday, helping pay for 602 homes, townhomes and apartments.
The city is expected to ask voters in November to give them permission to borrow more money to keep the trust fund going, though it’s unclear how much they’ll ask for.
Over the past 20 years, the fund has helped create or preserve about 10,800 affordable housing units and 888 shelter beds.
That has cost the city $210 million over the past two decades — $100 million of that since 2018, according to a presentation from the city.
The fund, established in 2001, provides “gap financing” to developers to help them build or repair affordable housing in the Charlotte area, according to the city.
Of the 602 units approved Monday, 23% will be reserved for people making 30% or less of the area’s median income.
Here’s a full list of the projects approved Monday:
▪ Forest Park Apartments: 7140 Forest Point Blvd. The city approved spending $2.5 million, and the total cost is $49.5 million. It will include 200 units.
▪ Northlake Center Apartments: 10400 Northlake Centre Parkway. The city approved spending $500,000, and the total cost is $16.6 million. It will include 78 units.
▪ Evoke Living at Eastland: 5601 Central Ave. The city approved spending $2.5 million, and the total cost is $20.3 million. It will include 78 units.
▪ Mallard Creek Seniors: 7123 Mallard Creek Road. The city approved spending $3 million, and the total cost is $25.5 million. It will include 102 units.
▪ Marvin Road Apartments: 3712 Marvin Road. The city approved spending $2.2 million, and the total cost is $20.7 million. It will include 70 units.
▪ Parkside at Long Creek: 8400 Mt. Holly-Huntersville Road. The city approved spending $1.5 million, and the total cost is $13.1 million. It will include 57 units.
▪ East Lane Drive Townhomes: East Lane Drive. The city approved spending $230,000, and the total cost is $2.5 million. It will include 17 units.
What happens in November remains unclear. The Observer has previously reported that City Council members have mixed opinions on how to move forward, and that several have acknowledged that the fund has had a limited impact considering the scope of the affordable housing problem in Charlotte.
Speaking to the council on Monday, Councilwoman Dimple Ajmera said the 600 units approved Monday — particularly those reserved for people making 30% or less of the area median income — are “just a drop in the bucket” but show the city’s commitment to help.
Councilwoman Victoria Watlington said she hoped to see renewed focus on home ownership during the next round of the trust fund, saying that effort could help build generational wealth in a way that rental units don’t.
Mayor Vi Lyles thanked voters for supporting affordable housing bonds in the past, and added that she hoped to ask voters for at least another $50 million in the fall.
This story was originally published April 11, 2022 at 8:35 PM.
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