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Charlotte City Council approves additional funding for affordable housing projects



CHARLOTTE, N.C. (QUEEN CITY NEWS) – Charlotte City Council approved an additional $20.5 million to be added to seven affordable housing projects whose futures have been in limbo after their budgets came up short of the overall price-to-build.

The Monday night vote was not unanimous, with a 9-to-2 vote by city leaders.

The projects would add 705 units to the city’s affordable housing inventory.

They include:

  • Bishop Madison Homes – 9 Units
  • Evoke Living At Morris Field – 132 Units
  • South Village Apartments – 82 Units
  • Fairhaven Glen – 140 Units
  • Ovata at Reedy Creek -78 Units
  • Ballantyne Seniors – 82 Units
  • Galloway Crossing – 78 Units
  • Grounds for Change – 104 Units

When the city council initially approved the projects, the total cost was around $17.96 million. However, those budgets are no longer sustainable, given the state of the economy.

The cost of materials, the housing market, and interest rates forced all of these projects into a combined shortfall of $20,505,245.

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Before the vote was taken, District 7 Council Member Edmund Driggs said he would not vote for the proposal.

“I’d like to have more data and do more work to see if this money could be used productively,” he explained.

He was not alone in his questions of whether the significant increase in budgets would benefit Charlotte’s overall affordable housing problem.

According to the city of Charlotte’s webpage on Affordable Housing, more than 50,000 people need affordable housing, but only 32,000 units of supply.

“We’re throwing 100 pebbles in the ocean, so we can say that we threw one pebble that had Affordable Housings, we would’ve done nothing,” District 6 Councilman Tariq Bokhari said.

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Those who supported the request costs said it would be better to move forward with most of the projects and request more information on other under-funding projects later.

The city has 17 affordable housing projects on the books, but 11 are underfunded due to market costs.

“I don’t want us to hold on to these other projects that are ready to move forever in the current climate that we’re in,” Charlotte City Council Member At-Large Dimple Ajmere said.

View the full meeting below:

City leaders approved that the funds come from COVID Funds and the Housing Trust Fund.

City leaders have requested to hear more data and research on the other remaining underfunded projects.

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