City Recommends 8 Affordable Housing Projects Get Money From Trust Fund
The city of Charlotte is recommending that eight affordable housing projects receive money from the Housing Trust Fund.
If the City Council approves the recommendations – and the projects ultimately move forward – they would cost $12.8 million total. Three of the projects are also requesting city-owned land, which would cost $4.9 million.
Two of the recommended projects are what the city calls Naturally Occurring Affordable Housing, or NOAHs.
Part of Charlotte’s new strategy for creating or preserving affordable housing is to invest in older complexes that the city believes could soon be sold to investors.
The city has already decided to spend $2.1 million to renovate the Sharon Oaks apartments off North Sharon Amity Road in exchange for those apartments remaining affordable for 15 years.
If Council approves the new recommendations, the city would invest in two other older complexes. One is the Heritage Park Apartments in east Charlotte and the Wendover Walk Apartments near Cotswold.
None of the proposed projects is in Council Districts 6 and 7, which cover much of affluent south Charlotte.
There are 950 units in all eight projects. Of those apartments, 198 units – or 21% – would be set aside for the city’s very poorest residents, who earn less than 30% of the area median income.
Council will take a final vote on the projects later this month.