CHARLOTTE, N.C –The Charlotte City Council voted Monday, April 11th to allocate $12.4 million to help finance numerous housing developments.
This decision will allow the city to gain approximately 602 new housing units that will remain affordable for many years.
The approved support is comprised of the remaining $9.4 million in the city’s housing trust fund and $3 million from the trust fund originally created for the Brookhill Village development.
The city requested profit and non-profit housing developers to submit proposals for building affordable housing. A total of 12 proposals were received and seven of them were approved for financing by the council on Monday.
Of the seven developments approved by the council, six are multifamily rental development and one is a townhome-style homeownership development.
Each of the multifamily rental developments meets the city’s commitment to reserving at least 20% of a development’s affordable units for families earning very low incomes, which is $25,250 or less annually for a family of four.
Each of the six rental developments is seeking 4% or 9% federal low-income housing tax credit to help cover the cost of the development. The North Carolina Housing Finance Agency award credits to new or rehabilitating housing developers depending on the strength of the proposal.
The agency will announce the awards in August 2022.