Charlotte City Council approves extra $20 million to fund affordable housing projects
The money allocated Monday night will go towards eight existing projects aimed at keeping rent affordable.
CHARLOTTE, N.C. (WBTV) - The Charlotte City Council voted to shell out over $20 million to help existing affordable housing developments.
These projects, which were already approved and funded by the city, say they need additional funds to build because of rising construction and interest costs.
The money allocated Monday night will go towards eight existing projects aimed at keeping rent affordable. They will provide over 600 new housing units.
Seven projects, one in almost every district, will receive not only the $9.2 million remaining in the current Housing Trust Fund but $6.6 million from the American Rescue Plan Act.
Also Read: Report: Affordable housing hard to find in Charlotte area
An eighth project, the South Village Apartments in southwest Charlotte, will receive an additional almost $5 million from the American Rescue Plan funds.
Marjorie Molina, council member: “The most responsible thing we can do with what we have to allocate is to make an impact where we can. And this is what we can afford to do right now at this moment,” said council member Marjorie Molina.
“It’s another 20 plus million dollars for another under 1,000 units,” countered council member Tariq Bokhari.
“I mean, that is not needle-moving...it’s not solving affordable housing, it’s solving upward mobility.”
The council also requested more information on the development whose requests were left out. They voted to circle back and see what they can do, if anything, to help them as well.
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