Summit addressing affordable housing in Charlotte

On Monday, they laid the groundwork, and the next step is to take a closer look at some examples of projects helping to address the shortage.
Charlotte city leaders and other stakeholders are gathering Tuesday for the second day of a jobs and housing summit.
Published: Jan. 10, 2023 at 5:14 AM EST
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CHARLOTTE, N.C. (WBTV) - Charlotte city leaders and other stakeholders are gathering Tuesday for the second day of a jobs and housing summit.

On Monday, they laid the groundwork, and the next step is to take a closer look at some examples of projects helping to address the housing shortage.

Related: Some Davidson affordable housing residents uneasy about the future

Last fall, the Charlotte City Council put up $8 million to help lower-income people afford to live at the Peppertree Apartments on Central Avenue in east Charlotte.

A developer bought it and is in the process of renovating the apartment. In return for that investment, they agreed to keep these apartments affordable for 20 years.

It’s the kind of deal city leaders say is crucial to addressing the affordable housing shortage; take these kinds of apartments that already exist, fix them up and keep them affordable.

Before the deal, these apartments were between $1,150 and $1,750, depending on whether they were one or two bedrooms.

With the new deal, depending on a person’s income, 88 units will be between $390 and $465 a month;146 apartments will rent between $845 and $1,152 a month; and another 58 units will run between $845 and $1,295 a month.

The location of this project was key because it’s within walking distance of stores, banks and transit.

It’s the kind of public-private partnership leaders say is key in helping overcome the housing shortage.

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