CHARLOTTE, N.C. — It's official: Charlotte voters will see a $100 million housing bond on their ballots in the upcoming general election.
The Charlotte City Council voted 10-1 on Monday to put the bond on the ballot, which is doubled from the previous biannual cycle of $50 million. The money, if approved by voters, will go to affordable housing projects across the Queen City.
Advocates are excited about the possibility of doubling award money for the project, but one council member thinks the city's affordable housing plan isn't comprehensive enough to allow such a steep increase in funding.
A lot of housing advocates are excited to see the city's proposed affordable housing plan puts a lot more money into homeownership opportunities compared to previous cycles.
"Homeownership is really the key, as we see it, to upward mobility," said Rebecca Oring, who is the director of government grants for the Charlotte region's Habitat for Humanity.
Oring noted that it can be hard for market-rate developers to build affordable, for-sale housing due to the competitive market. She hopes more of them can join their mission to build affordable, for-sale housing now that Charlotte leaders are trying to double the housing trust fund.
"We really hope we'll be able to see a lot more individuals in our community that are low- to moderate-income really realize that dream of homeownership," Oring added.
The goals approved by the city council on Monday include $25 million for homeownership opportunities and $35 million for rental housing production.
Councilman Tariq Bokhari is the only council member who voted against putting the housing bond on the ballot.
"We're raising taxes just so we have money to throw at problems, not funding solutions," Bokhari said to WCNC Charlotte.
Earlier this year, city officials raised the property tax rate by $1.37. It’s the first property tax hike in Charlotte since 2018. According to the city, the hike costs the median household an extra $4 a month. The extra money generated from the hike will pay for the proposed housing bond.
"I don't think we put the diligence and time into this problem in order to justify raising taxes, which is what ultimately got us at this point where we are to fund it," Bokhari said.
If approved, the housing trust fund will also put millions of dollars toward anti-displacement initiatives and home repair programs.
Early voting starts October 17th, and the housing bond question will be at the very bottom of voters' ballots.