Charlotte proposes record-breaking $100 million housing bond in FY 2025 budget

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North Carolina Construction News staff writer

The City of Charlotte’s proposed fiscal year 2025 budget to Charlotte city council last week would increase the 2024 Housing Bond funding from $50 million to $100 million dedicated to creating and preserving affordable housing—largest housing bond investment in the city’s history.

“I am pleased to propose a budget that advances upward mobility for our community, commits to continued service excellence, and meaningfully invests in our residents, employees and businesses,” said City Manager Marcus Jones. “With this budget, we will continue to provide the high level of services that our community has come to expect while also acknowledging the need for additional revenues to support our growing city.”

Highlights include:

  • $30 million for projects within the Corridors of Opportunity
  • $55 million to support Strategic Investment Areas implementation, a new, data-driven approach to project identification that aligns mobility and infrastructure funding with the greatest need.
  • $50 million for sidewalks – matching the largest commitment in program history.
  • $36.7 million for economic development partnerships, including infrastructure reimbursement for Atrium’s Innovation District, Ballantyne Reimagined, and the construction of Garrison Road North in the River District.
  • $20 million for Vision Zero—largest investment in program history supporting enhancements for transportation safety
  • $300 million in transportation and neighborhood bonds—largest in city’s history.
  • $7 million to expand 911 call center in CMPD headquarters and Police and Fire training academy
  • $14.5 million for construction of new firehouses
  • $1.5 million for programs providing down payment assistance, urgent home repair, home ownership counseling, rental and utility assistance, and legal and professional services

The proposed budget will have a public hearing on May 13, followed by budget adjustments on May 20 and straw votes on May 30. Council will consider the budget for adoption on June 10. The 2025 fiscal year begins July 1, 2024.

To learn more about these and other important initiatives of the proposed FY 2025 budget, please visit charlottenc.gov/budget.

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