City Council discusses lack of tens of thousands affordable housing units

CHARLOTTE, N.C. — Charlotte is lacking tens of thousands of affordable housing units.

A consulting group told City Council Monday there is a need for 24,000 units for people who make 50 percent or less of the area's median income.

The consultants are recommending that Charlotte invest $40 million to $55 million a year to support eligible projects for a 9 or 4 percent tax credit.

A $15 million preservation fund has been set up for Charlotte's already existing 81,000 affordable units and a $10 million to $12 million acquisition fund for the city to buy up land for future affordable development.

Later this month, the city will vote to invest $6 million of the housing trust fund into projects.

City Council's housing and neighborhood committee is still vetting the proposals for development.

The Charlotte Housing Authority says 18,000 people in Charlotte are on the waitlist for housing.