North Carolina Construction News staff writer
Charlotte City Council will vote Nov. 28 on a motion to increase funding for approved affordable housing projects.
On Nov. 14, Charlotte City Council considered extra funding for such affordable housing developments.
Charlotte currently has 17 previously approved Housing Trust Fund projects that have not yet closed on financing and initiated an RFP process in September to consider new gap funding requests for pending projects 3. 11 pending projects submitted requests to address new funding gaps since the original HTF award, for an aggregate amount of about $32 million.
At least 11 developments have requested more than $32 million from the city, to combat rising construction and interest costs. Also, with just $6 million left in the current Housing Trust Fund, council is considering new funding steams.
“Supply chain challenges, inflation, all of the things that started during COVID, but then more recently, just magnified and intensified,” Shawn Heath, housing and neighborhood services director, said at this week’s council meeting. “The big economic things that people are now concerned about are having an impact at the local angle on these affordable housing projects.”
Council will vote on pending HTF funding recommendations at the Nov. 28 business meeting and evaluate timing of the standard Housing Trust Fund RFP process for new affordable housing projects
The Winter RFP for the Housing Trust Fund is typically released in the December.