CHARLOTTE, N.C. — Charlotte leaders approved $5 million on Monday for affordable housing geared toward multifamily rentals and future homeownership through the city's Housing Trust Fund.
The agenda for Monday's city council meeting stated the money would add 140 affordable housing units and 19 homeownership units to Charlotte's existing supply. The developments will be named Mallard at Sugar Creek, Grounds for Change, Legacy Vista and Little's Landing.
“There is a significant lack of affordable housing in Charlotte, our city is getting more expensive to live in," Rebecca Hefner, the Director of Housing and Neighborhood Services for the City of Charlotte, said. "For the people who are able to live in these affordable units, it will make a big difference because housing stability is the foundation of success in lots of other areas.”
The Housing Trust Fund can easily plan out these developments, primarily because it's all voter-approved, city-funded housing. But the Housing Trust Fund does more than just build, it helps preserve housing, acquires land, supports homeownership, and provides shelter.
“It’s been around since 2002 and in that time has produced or preserved over 13,000 affordable housing units and 900 shelter beds," Hefner said.
It's a solution that some Charlotte homeowners say is desperately needed.
“I do think it’s important with the prices we’re seeing," Tony Frassetto, a Charlotte homeowner, said.
Some of the funding is also contingent on developers receiving a Low-Income Housing Tax Credit award from the North Carolina Housing Finance Agency.
In addition to the four Housing Trust Fund projects awarded money, city leaders approved a $3 million loan for a local firm to acquire land in Sugar Creek. Give Impact will buy a property on Dorton Street to build an apartment building with 200 units that are priced based on tenants' incomes.
"Without the city stepping in to help provide the funding, it would go to a market rate developer," Liz Ward, founder of Give Impact, said. Ward noted that Sugar Creek is changing, and many projects are in motion. So, it's important to preserve opportunities for affordable housing before it's too late.
"Thinking about this stuff that takes creativity and determination and so we're just really excited to be a part of that offer," Ward said.
The new Housing Trust Fund projects are expected to come online in about two years. Ward said the Sugar Creek development will likely take much longer.
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