City Council to vote on $2.4M affordable housing project in south Charlotte

City council to vote on $2.4M affordable housing project in south Charlotte

CHARLOTTE, N.C. — City Council will vote Monday night on whether to give more than $2.4 million to an investment group looking to take over a south Charlotte apartment complex.

The group wants to turn the Lake Mist Apartments near Old Pineville Road and Archdale Drive into 150 affordable housing units.

Content Continues Below

To make it happen, the city would commit $2.4 million from the Housing Trust Fund and give it to Ascent Real Estate Capital.

The new owners would have to improve the property -- fix lighting, heating and air units, appliances and other work.

The city would also impose a 20-year deed restriction, which means Ascent can’t sell the apartments during that time. Then, the apartments will be rented on a sliding scale based on income.

The project is an “area qualifies” because it is an up and coming area, where there are quality jobs, schools and transportation.

Residents would likely be squeezed out in the years to come as property values go up so this is a way to keep them in affordable homes in the years to come.

City of Charlotte working on building apartments to make housing more affordable