The Charlotte City Council has approved $25.8 million from the city’s Housing Trust Fund (HTF) to help finance 14 multifamily, rental affordable housing developments.
The developments could add as many as 1,422 affordable rental units for families, seniors and people experiencing homelessness in Charlotte. Of those units, 357, or 25%, will be targeted to households earning up to 30% of the area median income.
In Charlotte, a family of four would need a household income at or below $25,050 to qualify for affordable housing at the 30% AMI level.
The investment helps meet the city’s affordable housing goals by targeting low-to-moderate income households and providing high-quality, new-construction rental housing. The investment will also allow for the preservation of affordable housing in a high-opportunity area and provide supportive housing for people transitioning from homelessness.
The 14 developments were selected for meeting HTF criteria such as: Developer experience in developing affordable, multifamily housing; Ability to create mixed-income housing developments in areas of high opportunity. Long-term affordability.
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