Charlotte City Council Votes To Fund Affordable Housing Projects
Charlotte City Council has approved funding for several new affordable housing projects.
Council members on Monday voted unanimously in favor of the eight projects. The plan includes spending $12.8 million from the Housing Trust Fund and donating nearly $5 million in city-owned land for the projects.
There's been widespread discussion in recent years about the lack of affordable housing in Charlotte.
There are 950 units in all eight projects. About a fifth of the units would be set aside for the for the city’s poorest residents, who earn less than 30% of the area median income.
Two of the recommended projects would involve renovating aging apartment complexes instead of building new units. Mayor Vi Lyles said last week on WFAE's "Charlotte Talks" that the upgrade will include landscaping, preservation, and improving in-home appliances to make them more energy efficient.
Most of the housing units built from the ground up. Lyles said construction and renovation could start early next year and could take 18-24 months to finish.
The two older complexes that would get upgrades are the Heritage Parks Apartments in east Charlotte and the Wendover Walk Apartments near Cotswold. In exchange for the renovations, the apartments must remain affordable for 15 years.
Council also approved a Business Investment Grant for more than $6 million to Lowe’s for the home improvement retailer’s planned global tech headquarters in South End.
Construction is set to begin next month on a 23-story office tower in South End that will house the Mooresville-based company's technology center.
Lowe’s says more than 1,600 people could be hired to staff the center. Mecklenburg County government is expected to contribute more than $10 million in grant money for development of company’s tech hub. In total, Lowe’s could receive more than $72 million in state and local incentives.