“We’re one step closer,”: Charlotte City Council allots $8 million to preserve affordable housing
Charlotte City Council approved funding for a proposal to maintain affordable housing in the city for hundreds of people in east Charlotte.
CHARLOTTE, N.C. (WBTV) - Charlotte City Council approved funding for a proposal to maintain affordable housing in the city for hundreds of people in one neighborhood.
It’s an effort allocating $8 million in coronavirus relief from the federal government to preserve affordable housing in east Charlotte.
The city saying without intervention from the local government, rent could increase in places like Peppertree Apartments which have been mostly affordable.
It’s a complex known as “naturally occurring affordable housing,” also known as NOAH.
“I think that is terrific,” said Shanelle Loatman, who lives in the apartments.
Jaime Lee added, “that’s going to be awesome!”
Excitement for people living in Peppertree Apartments as Ascent Real Estate Capital is looking to acquire and renovate the property for nearly 56 million dollars.
“The apartments are very old, we’re being charged a ton of money for a one-bedroom exact, the cabinets are old, the quality of everything is old,” said Loatman.
People living in the complex pay between $1,150 to $1,400 per month for a one-bedroom, and upwards of $1,750 per month for a two-bedroom.
Lee said, “it’s not bad here, it’s cheaper than other places, it has went up a couple of years ago but it’s still maintained, it’s not really outrageous.”
If the deal closes, the developer will lower the rent for income eligible people. Loatman said, “that’s a step, we’re one step closer to you know, getting better days.”
Rent could range from $390 to $465 per month for a family earning less than $28,250 a year, and upward of $1,295 per month for people earning between $57,462 and $75,350 a year.
The firm is committed to keeping the units affordable for 20 years through a deed restriction.
“You know, people still living in these motels and stuff that can’t afford rent, that’s going to help out a lot, and I think that’s going to be awesome because that rent is high,” said Lee.
The plan by city council and the developer comes as the National Low Income Housing Coalition identified the Charlotte area as lacking over 45,000 units for extremely low-income renters, an increase by more than three thousand from last year.
This is on top of the average rent in Charlotte costing over $1,600 per month for a 900 square foot apartment according to Rent Cafe.
“My hope is that it can be fair, just make it fair because right now it’s unfair, we are being robbed, we are being robbed and we still have to take care of ourselves too,” said Loatman.
This is not a done deal yet; Ascent Real Estate Capital is waiting to close on the property which could happen later this fall. If the deal closes, On September 20th, Mecklenburg County Board of Commissioners will consider a 4-million-dollar funding request for the proposal.
Copyright 2022 WBTV. All rights reserved.