• 3 financial institutions pledge $70M for low-income housing

    Updated:
    CHARLOTTE, N.C. (AP) - Three financial institutions have pledged more than $70 million to fund low-income housing developments in a fast-growing North Carolina city.

    The Charlotte Observer reports that Bank of America, Ally Financial and Barings announced Tuesday that they would invest a combined $70.75 million to address Charlotte's rising housing costs. $50 million will be in the form of low-interest loans to private developers building income-restricted housing.

    A Housing Charlotte report says more than a third of city households spend more than 30 percent of income on housing. To meet demand, the city would need around 24,000 units of affordable housing.

    The city is hoping to raise $100 million as part of its push, which would fund around 2,100 new mixed-income housing units.

    Mayor Vi Lyles touted the necessity of public-private partnerships.

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    Information from: The Charlotte Observer, http://www.charlotteobserver.com

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