Council To Vote on $24M In Subsidies For Apartments
Charlotte City Council tonight could approve nearly $24 million in subsidies for 950 new affordable apartments around the city.
The money would come from the city's Housing Trust Fund, which provides financing for developments aimed at lower income people. It's funded through a $15 million bond voters consider every two years.
These 11 projects are primarily aimed at households making less than 60 percent of the area median income - which studies show is the city's biggest need. Most are in north and southwest Charlotte, and would charge monthly rents as low as $400.
The vote comes as the council pursues a 2016 goal of approving 5,000 affordable housing units within three years. Before Monday's action, the council had approved more than 3,600 units, or about 72 percent of the goal. But that's still far short of the estimated 24,000 units Charlotte needs.
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Council members are currently studying whether to boost the size of the trust fund bond request to as much as $50 million.
The funding appears likely to pass. But that doesn't mean all the units will get built. City officials warn that final allocations depend on whether projects also receive state tax credits.
The council is being asked to approve the following allocations, which were recommended last month by the Housing and Neighborhood Development Committee:
- Bingham Park, $ 775,000,
- Guardian Angel Villa, $ 1,750,000,
- Mineral Springs, $ 1,550,000,
- Nevin Road Apartments, $ 1,150,000,
- Nolley Court Seniors, $ 2,100,000,
- Northlake Seniors, $1,500,000,
- Rivergate Greene, $1,900,000,
- Sugar Creek Greene, $1,840,000,
- The Park Seniors, $1,800,000, and
- 924 West Sugar Creek, $5,300,000,
- Brookshire Boulevard, $4,224,000.
See details on the funding request and projects on the city council agenda website.