CHARLOTTE — The Charlotte City Council will discuss spending $3.5 million to preserve affordable housing for veterans at its meeting Monday night.
Community Solutions International recently acquired the property at 1001 Tyvola in south Charlotte and is now asking the city council for assistance to preserve the space.
The complex is one street away from a grocery store and a short walk from a light rail station. Which is a big deal to some of its residents.
“I need to be close to the transit, if I can be close to the transit,” said resident Melvin Alexander.
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The funding would preserve 100 of the 297 units as affordable housing for the next 60 years, one of the longest deed restrictions the city has ever seen.
“Anytime that we can preserve housing stock for a reasonable amount of dollars and investment, we should do it,” District 1 Councilmember Dante Anderson said.
Voters had approved a $100 million Housing Trust Fund for the year. The city allocated $14 million of that for rental housing preservation.
Investments from the city council in existing affordable housing projects are supposed to go to properties that are more than 15 years old and rapidly deteriorating, according to the guidelines.
But 1001 Tyvola was built in 2021 and is in great shape. City Council officials said the trade-off is that more of the property’s units are affordable housing — and that they stay that way for longer.
“We are able to keep our housing stock online with a decent level of investment,” Anderson said. “It is a good thing for our community.”
The City Council will be briefed on the project at the meeting on Monday night and vote on it in the coming weeks.
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