$1.7M affordable housing project in east Charlotte fails to pass

CHARLOTTE, N.C. (WBTV) – The Charlotte City Council voted against giving $1.7 million of housing trust fund money to a developer in exchange for lower rent in a new east Charlotte apartment complex.

That money would have lowered the rent in 34 units at Sycamore Station Apartments for those who make as little as $19,000 a year.

Members of the city council said it’s a good proposal, but there were concerns the rules aren’t specific when it comes to spending trust fund money on a project that’s nearly complete.

“We’re not saying no to Sycamore. This isn’t a no. We want to go back and have a policy lens so we can make an informed decision. And if this developer is able to provide those units because they’re not cost constraint. Those units are not going away in six weeks,” mayor pro tem Braxton Winston said during Monday’s meeting.

Many council members said that they may need to look at changing the rules in the future.

Sycamore Station sits at the intersection of Milton Road and Barrington Drive.

Work on the new development is almost finished and about half of the 168 units have already been rented.

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