CHARLOTTE, N.C. — Charlotte city leaders are sharing a first glimpse at how they want to spend the proposed housing trust fund.
The pot of money for affordable housing initiatives is replenished every two years via a bond referendum. This time, city leaders want to double the amount from $50 million to $100 million.
The bond money often goes to building affordable rental communities and preserving naturally occurring affordable housing.
While those initiatives are still a priority, there’s a bigger emphasis on home ownership in the latest recommendations.
"We have enough multifamily in the pipeline," Councilmember Victoria Watlington told WCNC Charlotte's Julia Kauffman. Watlington is chair of the city council's housing committee.
While there’s no shortage of new apartments in Charlotte, more units don’t always equate to affordable prices.
"A lot of times, what we’ve seen in the neighborhoods is a person can afford a three-bedroom house, cheaper than a one-bedroom apartment," Robert Dawkins, political director of Action NC, said.
As Charlotte leaders decide how to allocate the proposed housing trust fund, Watlington said making rent obtainable is important.
"We've got vacant units," she said. "The question is, how do we incentivize property managers and owners to join our efforts in place-based and even person-based vouchers?"
As they look for that answer, the focus is also shifting to creating more affordable permanent housing.
"The more that we can enable people to own their homes, I think the better," Watlington added.
Dawkins agreed. "We need to get people to homeownership as fast as we can, and we need to get people making a livable wage to be able to afford it."
The city has raised property taxes to help pay for the bigger bond and other growing costs of the growing Queen City.
However, the decision on whether the money gets allocated is ultimately up to voters this November.
"If the bond referendum is voted down this year, we will not have another opportunity to invest in housing for the next two cycles," Watlington explained.
The city is working to launch an online survey on the housing bond next week for Charlotteans to share their thoughts on how the money should be spent.
The council will vote on the recommended strategies ahead of the November election.
Contact Julia Kauffman at jkauffman@wcnc.com and follow her on Facebook, X and Instagram.