CHARLOTTE, N.C. — Charlotte's affordable housing crisis could have a solution with the help of a brand new development called Union at Tryon that will offer 200 apartment units at a price people can afford.
The Annex Group is the developer taking the lead on this project. The community will be located off of North Tryon Street in the University Area. CEO Kyle Bach says they plan to offer one-bedroom units as low as $900 a month and the rent for three-bedroom apartments will be around $1350.
“Our community would be targeted to individuals and families at or below 60% of the area median income," Bach said.
That includes individuals who make $35,000 a year or less and households that make $60,000 or less total. The ability to offer these affordable rent prices is due to the Low-Income Housing Tax Credit program provided by the state.
“The credit is used to cover the construction financing gaps that could in turn lower the debt and the rents for the residents," North Carolina Housing Finance Agency (NCFHA) Rental Development Manager Tara Hall said.
According to NCFHA, within the last year, about 84 applicants and developers applied for the low-income housing tax credit, and less than 30 were awarded the credit.
“It benefits not only the lower-income residents, but the moderate-income residents such as our police officers and teachers," Hall said.
The project is expected to be completed by spring 2025.
Contact Briana Harper at bharper@wcnc.com and follow her on Facebook, Twitter and Instagram.
WCNC Charlotte is part of seven major media companies and other local institutions producing I Can’t Afford to Live Here, a collaborative reporting project focused on solutions to the affordable housing crisis in Charlotte. It is a project of the Charlotte Journalism Collaborative, which is supported by the Local Media Project, an initiative launched by the Solutions Journalism Network with support from the Knight Foundation to strengthen and reinvigorate local media ecosystems. See all of our reporting at charlottejournalism.org.
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