CHARLOTTE, N.C. — Charlotte city leaders voted on Monday to approve funding allocations they hope will increase the development of affordable housing.
Charlotte City Council voted to approve a big boost in funds for affordable housing efforts. More than $20 million will go toward multi-family rental housing developments in multiple districts.
The funding will be split between the Housing Trust Fund and the American Rescue Plan.
The Housing Trust Fund was created more than two decades ago and is used for the building or improvement of affordable housing units. Earlier this month voters passed a $50 million bond vote to help build more affordable housing units in the city.
The National Low Income Housing Coalition identified the Charlotte region as lacking over 45,000 units for extremely low-income renters. City council members continue to identify affordable housing as a key challenge they face.
The vote took place as part of the city council's regular meeting schedule.
Contact Richard DeVayne at rdevayne@wcnc.com and follow him on Facebook, Twitter and Instagram.