CHARLOTTE – For the first time, Charlotte is using Housing Trust Fund dollars to invest in affordable homes for sale in addition to rentals. Charlotte City Council on Monday night approved a $ 23 million investment in nearly 900 units.
The city is investing $ 320,000 in a proposal to build 10 homes on Bishop Madison Lane, near Beatties Ford Road. The houses will cost between $ 260,000 and $ 275,000.
The city is also investing $ 704,000 to build duets in Druid Hills homes near Norris Avenue. The city said 22 homes will be built for prices between $ 209,000 and $ 250,000.
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“During the history of our city, we have demolished many houses,” said Mayor Vi Lyles. “I think we owe it to this community to rebuild them. “
This is the first time that the City of Charlotte has used money from the Housing Trust Fund to finance affordable housing for sale. The city typically invests in rental housing such as those in the Renaissance West community. Lyles visited the community on Tuesday with HUD Secretary Marcia Fudge. Fudge called Renaissance a model for the nation.
“It’s a development that I think is second to none, and I’ve traveled a lot to see what we’re doing with senior housing and low-income and moderate-income housing,” Fudge said.
The secretary said the city is smart to think of affordable homes for sale, in addition to units for rent. She said it creates an opportunity for families to build generational wealth.
“Houses are our wealth,” she said. “This is what we pass on to our children and our children’s children, and so if we never create something that will bring us wealth, it will just be a vicious cycle. “
Fudge said leaders often don’t do enough to encourage home ownership.
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“There is a narrative in this country that not everyone is supposed to own a home and I think that’s wrong,” she said.
In addition to rental housing, the City is also investing in the renovation of two already existing and affordable communities. These two complexes are Maple Way Apartments in Cotswold and Shamrock Gardens Apartments in Plaza Shamrock.
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Charlotte City Council Housing Trust Fund Investments:
Affordable natural housing and anti-displacement efforts
- Maple Way Apartments, 1012 McAlway Road: Ascent Housing and the Housing Impact Fund are developing 60 units for families with rents ranging from $ 675 to $ 900 per month. The city’s investment would be $ 1.4 million to help fund major exterior repairs and upgrades.
- Shamrock Gardens Apartments, 3779 Michigan Ave. : Ascent Housing and the Housing Impact Fund are developing 265 units with rents ranging from $ 450 to $ 600 per month. The city’s investment would be $ 6 million.
Affordable Homeownership Opportunities
- Property of Bishop Madison, 1947 Bishop Madison Lane: Urban Trends Real Estate is developing 10 units for sale with prices between $ 260,000 and $ 275,000. The city’s investment would be $ 320,000.
- Druid Hills Legacy Duet Homes: DreamKey Partners is developing 22 units for sale in the Druid Hills area with prices between $ 209,000 and $ 250,000. The city’s investment would be $ 704,000. Unlike a duplex, in which the building usually has one owner and both units are rented, units in a duo are sold separately.
Developments Claiming Federal Low-Income Housing Tax Credits
- Aldersgate Apartments, 3900 Shamrock Drive: Laurel Street Residential is developing 136 units for seniors and families, with rents ranging from $ 415 to $ 1,445 per month. The city’s investment would be close to $ 3 million.
- Elderly Apartments Ballantyne, 15201 Ballancroft Parkway: Laurel Street Residential is developing 82 units for seniors and with rents ranging from $ 420 to $ 1,440 per month. The city’s investment would be $ 4 million.
- Eight and Tryon, 426 N. Tryon St.: Horizon Development Properties, INLIVIAN’s non-profit affordable housing real estate development division, is developing 106 units for families and with rents ranging from $ 1,078 to $ 1,617 per month. The city’s investment would be $ 3.2 million.
- Galloway Crossing, 8300 East WT Harris Blvd. : The Woda Group is developing 78 units for seniors and with rents ranging from $ 420 to $ 1,075. The city’s investment would be close to $ 2.5 million.
- History Nathaniel Carr, 2498 boul. Where is : The Paces Foundation is developing 120 units for seniors with rents ranging from $ 404 to $ 1,426. The city’s investment would be $ 2.2 million.
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