Charlotte Council approves $23.3 million in Housing Trust Fund money for nine affordable housing developments

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Maple Way Apartments, 1012 McAlway Rd.
Ascent Housing and the Housing Impact Fund are developing 60 units for families with rents ranging from $675 to $900 per month. The city’s investment would be $1.4 million to help fund extensive exterior repairs and improvements.

Shamrock Gardens Apartments, 3779 Michigan Ave.Ascent Housing and the Housing Impact Fund are developing 265 units with rents ranging from $450 to $600 per month. The city’s investment would be $6 million.

The Atrium Health Foundation is a partner in both developments, providing a full-time, on-site community health worker at each apartment complex who will facilitate programs in health and wellness, financial literacy, and workforce development and education.

Affordable Homeownership Opportunities

The city is supporting two affordable homeownership developments:

Bishop Madison Homeownership, 1947 Bishop Madison Lane
Urban Trends Real Estate is developing 10 for-sale units with prices between $260,000 and $275,000. The city’s investment would be $320,000.

Druid Hills Legacy Duet Homes
DreamKey Partners is developing 22 for-sale units in the Druid Hills neighborhood with prices between $209,000 and $250,000. The city’s investment would be $704,000. Unlike a duplex, in which the building typically has a single owner and the two units are rented out, the units in a duet are sold separately.

Developments Requesting Federal Low-Income Housing Tax Credits

Five proposals will also require the developers to secure Low-Income Housing Tax Credits (LIHTC) at the 4% level from the North Carolina Housing Finance Agency (NCHFA). These federal tax credits are awarded to experienced developers constructing new affordable housing developments or rehabilitating existing affordable housing developments. The awarded tax credit depends on the strength of the proposed developments and the developer’s ability to secure additional funding.

The NCHFA will announce all LIHTC awards in October 2021. The NCHFA will base its final LIHTC awards on:

  • Developer experience.
  • Market demand and local housing needs.
  • A project’s ability to serve qualified residents for the longest affordability period.
  • Design and quality of construction.
  • Financial structure and long-term viability.

If they receive 4% LIHTC awards, the developers will come back to the city for approval of a tax-exempt bond allocation from NCHFA.

Developments will be awarded HTF gap financing contingent upon receiving a LIHTC award. City funding approved for developments that do not receive the LIHTCs will be returned to the Housing Trust Fund for future allocation.

The developments seeking 4% LIHTCs are:

Aldersgate Apartments, 3900 Shamrock Drive: Laurel Street Residential is developing 136 units for older adults and families, and with rents ranging from $415 to $1,445 per month. The city’s investment would be nearly $3 million.

Ballantyne Senior Apartments, 15201 Ballancroft Parkway: Laurel Street Residential is developing 82 units for older adults and with rents ranging from $420 to $1,440 per month. The city’s investment would be $4 million.

Eight and Tryon, 426 N. Tryon St.: Horizon Development Properties, the real estate development division of affordable housing nonprofit INLIVIAN, is developing 106 units for families and with rents ranging from $1,078 to $1,617 per month. The city’s investment would be $3.2 million.

Galloway Crossing, 8300 East W.T. Harris Blvd.: The Woda Group is developing 78 units for older adults and with rents ranging from $420 to $1,075. The city’s investment would be nearly $2.5 million.

Historic Nathaniel Carr, 2498 West Blvd.: The Paces Foundation is developing 120 units for older adults and with rents ranging from $404 to $1,426. The city’s investment would be $2.2 million.

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