Charlotte City Council Eyes Next Step In Affordable Housing Push
Charlotte City Council members are scheduled to vote Monday evening on new guidelines designed to help preserve existing affordable housing units and keep current residents in place as neighborhoods change.
The guidelines cover what’s known as Naturally Occurring Affordable Housing (NOAH). These are multi-family rental properties that are at least 15 years old, with 50 or more units that need light to moderate fixing up.
[Related Content: Council OKs $2.1M To Rehab East Charlotte Affordable Units]
The proposed guidelines spell out the terms for public-private partnerships between the City of Charlotte and groups committed to buying and renovating NOAH units. The city would provide low-interest loans, investing between $10,000 and $35,000 per unit.
The effort comes as Charlotte leaders plan future spending from the City’s Housing Trust Fund. Voters in November approved $50 million in bonds to help boost the fund.
By working to help preserve Charlotte's stock of existing affordable housing, the City hopes to limit displacement of lower-income residents in neighborhoods where property values and rents are rising. The program also targets communities that are near schools, jobs and transportation options.
The City Council’s Housing and Neighborhood Development Committee approved the proposed guidelines last month. The recommendation goes before the full Council at Monday's meeting which begins at 6:30 p.m. at the Charlotte-Mecklenburg Government Center.