Charlotte has $9.5 million left to allocate from the American Rescue Act COVID-19 relief funds. Over the past two years, the city has assigned $132 million to various projects.
A third of the money is set aside for housing priorities like grants recently approved for the West Side Community Land Trust and Heal Charlotte to support housing security and stability for low-income residents. The rest is spread evenly between workforce development, city operations, and what the city calls “community vitality.”
When Charlotte uses federal and state money to pay for projects, that often comes as a reimbursement. But the rescue act funds came in two payments of $70.8 million in cash, with the stipulation that they be allocated by the end of 2024 and spent by the end of 2026.
That means the city has a lot of cash on hand that’s piling up interest until it’s spent. City staff told City Council members this week the interest has now accumulated to $4.6 million, and Charlotte can spend that as it pleases.
