Some Davidson affordable housing residents uneasy about the future
The median household income in Davidson ranges from $81,000 to over $150,000 dollars.
DAVIDSON, N.C. (WBTV) - Some families in Davidson are afraid they won’t be able to afford to keep a roof over their heads soon because the affordable housing community in the heart of the pricey town is up for sale.
The median household income in Davidson ranges from $81,000 to over $150,000 dollars and people living in the Bungalows earn less than half of that.
“I’m pretty sure I can speak for others and it’s we’re very insecure,” said Sherri Magness.
People living in the Bungalows are uneasy about their rent increasing after learning the affordable housing property is up for sale.
Shelli Roberts said, “once this property is sold, we just don’t know what’s going to happen to myself, my neighbors,”
The Bungalows, partially owned by the Davidson Housing Coalition, Mosaic Development Group and a majority owner provides affordable housing for people making less than 50% of the area median income, roughly $37,000 according to DreamKey Partners.
“That’s the whole point of affordable housing is to help, not to hinder and make us worry,” said Magness.
Neighbors feel a sale of the property would trigger higher rent, an issue they’re already dealing with in the community after rent was projected to increase by $150 this year.
“Some of my neighbors are seniors, on fixed income and the reverberation throughout our little community was swift,” said Roberts.
The community was able to fight back for a lower rent increase of $50 which started on January 1.
Magness said, “I’m really afraid that the price is not going to stop going up, I mean if it did $20, $25, that would enable a lot of us to stay here a lot longer time.”
With the area median income (AMI) for neighborhoods in Davidson ranging between $81,000 to over $150,000, people living in the Bungalows feel they couldn’t stay in Davidson if ownership changed and rent increased.
Roberts said, “we are just actually, just playing it month-by-month until the sale is official because there’s still no official word as to when the property is actually going to be put on the market.
A letter to neighbors said when this property is sold to the new owners, the deed ensures that it will stay affordable housing after it’s sold through 2030 with rent limits.
Housing guidelines through the state ensure that rent for this property does not exceed 50% of the AMI.
The town of Davidson released a statement saying: “The Town of Davidson has been carefully monitoring the difficult situation at The Bungalows, particularly since a letter went out to residents in error last November. The town was very concerned with the stress and uncertainty this caused the residents of The Bungalows and encouraged Davidson Housing Coalition to communicate quickly and clearly. The Town of Davidson is indeed committed to housing affordability, and the deed restrictions on The Bungalows property will protect that affordability for the property, even after it is sold.”
Copyright 2023 WBTV. All rights reserved.