Private companies hope to ease affordable housing crisis

By Blaine Tolison and Mark Barber

CHARLOTTE, N.C. — Local and private companies are hoping to help ease Charlotte’s affordable housing crisis by creating a Private Housing Opportunity Fund.

"Charlotte can be the model for how to address a housing crisis," Mayor Vi Lyles said.

[SPECIAL SECTION: Affordable Housing Crisis]

That fund will help people, such as Saundra Davidson, who once struggled to find a home she could afford.

"They need somewhere to stay,” Davidson said. “I might say that would be the lucky one."

[RELATED: County-by-county resource guide]

Crescent Communities pledged 4.5 acres worth $2 million for 124 affordable units Monday, which is part of a new project to transform the city’s west side.

Charlotte's future River District will be along the Catawba River near the airport.

"What you have here today is not just money, but different pronged approaches," Councilwoman Braxton Winston said.

Wells Fargo pledged $20 million including:

  • $6 million in assistance grants for home purchases
  • $5 million toward the new housing fund
  • $9 million over three years to nonprofits addressing affordable housing

More private investments could be on the way with the goal of raising $50 million.

"That would be a beautiful thing because that will mean that somebody cares," Davidson said.

The Foundation for the Carolinas will push other private companies to invest so they reach the goal of $50 million in private funds.

The private companies are pledging to match $50 million as long as voters approve a $50 million bond referendum.

Crews are expected to break ground in 2020. City leaders hope this will spur even more companies to invest in building a more affordable Charlotte.

City council voted to put the referendum on November's ballot.

City leaders want affordable units to be built in desirable neighborhoods and have asked for the public's input on where to build the new units.

The next public meeting is at 6:30 p.m. on Tuesday at East Stonewall AME Zion Church on Griers Grove Road.

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