CHARLOTTE, N.C. (QUEEN CITY NEWS) — More than $17 million worth of affordable housing is coming to Charlotte after two separate City Council votes Monday night.
The council approved $13.1 million in city Housing Trust Fund allocations for six developments and $4.3 million in federal funds. Both sources are contingent on the projects receiving a state Low Income Housing Tax Credit. Both votes passed 7-3, with Tariq Bokhari, Victoria Watlington, and LaWana Mayfield opposing.
Here are the approved projects:
- Arrowood Homes, 7202 South Blvd., $2.5 million local, $3 million federal
- Aveline Legacy Druid Hills Duets II, throughout Druid Hills neighborhood, $462,000 local
- Central at Old Concord, 5703 N. Tryon St., $4.2 local
- Kings on Lamar, 323 Lamar Ave., $2.4 million local
- Swan Run Apartments, 4600 Swan Meadow Lane, $2.4 million (naturally occurring affordable housing)
- Sycamore Station II, 6010 Calle Lumina Way, $1.2 million local, $500,000 federal
- Mount Moriah Seniors, 489 Crestdale Road, $825,000 federal
The multi-family Arrowood Homes project will be leased on city-owned property near the Arrowood Blue Line Station.
Swan Run, south of the Olde Providence area, is an existing multi-family development that will be renovated. It will create long-term rental subsidies for households at 30 percent of the Area Median Income.
These developments will add 716 affordable long-term deed-restricted rental housing units and 14 affordable homeownership units to the city’s existing supply. With the passage of the developments, the Housing Trust Fund balance is $8,946,000.