Possible changes coming to Charlotte’s housing trust fund
The city’s housing trust fund celebrated its 20th anniversary last year.
CHARLOTTE, N.C. (WBTV) – Charlotte city leaders are working on updating the housing trust fund, which has been one of the city’s most successful programs to generate more affordable places to live.
Related: Report: Affordable housing hard to find in Charlotte area
The program celebrated its 20th anniversary last year. According to the city, it’s generated $218 million in affordable housing.
That’s nearly 11,000 units, including nearly 3,700 for the lowest income and 888 shelter beds.
The program has several facets. It provides tax incentives for developers and down payment assistance for eligible buyers.
It even takes old motels and turns them into apartments. However, there are challenges, including rising inflation and construction costs.
Back in November, voters approved another $50 million housing bond.
On Monday, the housing committee will discuss possible changes to the program including potentially streamlining the application process and ways to buy up more land for future affordable housing projects.
The committee meets at 4 p.m. Monday at the Charlotte-Mecklenburg Government Center.
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