City of Charlotte issued the following announcement on Apr. 14.
The Charlotte City Council voted Monday to allocate $12.4 million to help finance several affordable housing developments, putting Charlotte on a path to potentially gain 602 new housing units that would remain affordable for decades.
The approved support includes $9.4 million remaining in the city's Housing Trust Fund from two $50 million bonds approved by voters in 2018 and 2020, and $3 million from the trust fund originally earmarked to support the Brookhill Village development.
In January, the city asked for-profit and nonprofit housing developers to submit proposals for building affordable housing with the help of the city's Housing Trust Fund. Trust fund dollars originate from voter-approved housing bonds and are a source of gap financing for affordable housing developers to offset building costs. The city received 12 proposals from developers. With limited trust fund support available, the council on Monday approved financing seven of the proposed developments.
Original source can be found here.
Source: City of Charlotte
Alerts Sign-up