CHARLOTTE — Charlotte City Council has signed off on spending up to $25.8 million from the Housing Trust Fund for 14 proposed affordable-housing projects.
Council members voted to approve the deals, which encompass 1,422 new affordable units. Nearly a quarter — 23% — would be income-restricted for households earning 30% of the area median income or less. Council member Victoria Watlington made a motion to vote separately on two of the projects in her district — Fordham Place and Fairhaven Glen — but, ultimately, all 14 were approved.
Council voted 10-1, with council member Braxton Winston the lone “no” vote, on the motion to approve all but the Fordham Place and Fairhaven Glen projects. Council supported those two projects in a separate 8-3 vote, with council members Watlington, Renee Johnson and Matt Newton in opposition.
Seven of the projects are pursuing 9% low-income housing tax credits, administered through the N.C. Housing Finance Agency. Those deals are the most competitive for federal affordable-housing funds, and all aren’t likely to be approved because of that, said Pamela Wideman, the city’s housing and neighborhood services director, at a council meeting earlier this month.
[SPECIAL SECTION: Affordable Housing Resources]
The 9% LIHTC deals that aren’t approved for those credits this summer would be deducted from the Housing Trust Fund allocation. Wideman said during her recommendations on April 12 that she expects the city to spend about $22.2 million in this funding round.
Some council members during Monday’s vote said they wanted to see less concentration of affordable housing in certain city districts.
Read the full story here for more of that discussion and details about each of the developments.
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