Charlotte City Council approves $17.7 million for affordable housing construction

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Charlotte City Council approved nearly $17.7 million for eight affordable housing projects.

Members unanimously approved an affordable housing request that will place 950 units in service at approximately half the cost of prior city affordable housing investments. They allocated $12.8 million from the Housing Trust Fund and transferred $4.9 million in city-owned land.

The eight projects also include $10.4 million from the private Charlotte Housing Opportunity Investment Fund and approximately $5 million in reduced interest.

The 950 units are targeted for people with varied income levels, including: 20 percent for households earning 30 percent of the area median income (or about $26,300 for a family of four), 40 percent for households making 60 percent AMI ($47,400 for a four-person household) and 37 percent for households making at least 80 percent AMI ($63,200 and greater).

“If you work in Charlotte, you ought to be able to live in Charlotte,” said mayor Vi Lyles.

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