Where the last of Charlotte’s housing bond money is going

What’s happening: The money for the seven projects spread across the city is contingent on their receiving tax credits. The funding comes from the Housing Trust Fund, the city’s primary vehicle for subsidizing affordable housing.

• Voters approved $50 million for the Housing Trust Fund in November 2020, and $50 million in 2018.
• The money is used to subsidize developers who build new affordable units or rehab existing ones.

Why it matters: The city has spent hundreds of millions trying to solve our housing shortage, but the problem is only growing. Now, 20 years after the inception of the fund, leaders are scrambling to figure out what to do next.

Details: $9.4 million remains in the Trust Fund, per the city, and another $3 million set aside for the redevelopment of Brookhill. Redevelopment plans with the previous owner fell through there, so the city is releasing that money.

• In total, that money will be used to fund 602 units, 17 of which will be homes for purchase, and the rest rentals.

Between the lines: Of those units, 23% — 139 — will be for those making around 30% of the area median income, which is roughly $26,000 for a family of four.

Yes, but: The need is most acute for low-income people.

• There’s a lack of around 23,000 units for those earning 30% of AMI or less.
• Yet, less than a quarter of the units that have been built since mid-2018 are for such residents, a recent Axios analysis found.

Meanwhile, none of the proposed projects are inside Council Districts 6 or 7 (one is on the border of District 6), which cover southeast Charlotte and Ballantyne, a fact which several council members have expressed concern over.

• The city has tried to prioritize placing housing in areas with opportunity to move up economically.
• But two-thirds of projects built in recent years have been in zip codes where the median income is below that of the city of Charlotte, Axios found.

Here are the projects council voted to fund on Monday:

Forest Park Apartments

Number of units: 200, with 40 for those at 30% AMI or below, 140 for those making 51%-60% of the AMI and 20 for people earning 61%-80% of AMI.

Location: 7140 Forest Point Blvd., near Nations Ford Road and Interstate 77 in south Charlotte.

Rents: $420 to $1,075

HTF investment: $2.5 million

Northlake Center Apartments

Number of units: 78, with 20 units for those at 30% AMI or below, 12 for those between 31%-50% AMI, 12 for those at 51%-60% AMI and 34 for 61%-80% AMI.

Location: 10400 Northlake Centre Pkwy., next to Northlake Mall.

Rents: $339 to $1,465

HTF investment: $500,000

Evoke Living at Eastland

Number of units: 78, with 20 for those earning 30% AMI or below, 31 for those at 31%-50% AMI and 27 for people making 61%-80% AMI.

Location: 5601 Central Ave., near the Eastland Mall site that will soon be redeveloped.

Rents: $403 to $1,238

HTF investment: $2.5 million

Mallard Creek Seniors

Number of units: 102, with 26 for those at 30% AMI or less, 15 for people making 31%-50%, 30 for those earning 51%-60% AMI and 31 for those at 61%-80% AMI.

Location: 7123 Mallard Creek Rd. in north Charlotte

Rents: $404 to $1,458

HTF investment: $2.95 million

Marvin Road Apartments

Number of units: 70, with 18 for those at 30% AMI or less, 11 for those earning 31%-50% AMI, 17 for people at 51%-60% AMI and 24 for those at 61%-80% AMI.

Location: 3712 Marvin Road, near Grier Heights

Rents: $404-$1,542

HTF investment: $2.2 million

Parkside at Long Creek

Number of units: 57, with 15 for those at 30% AMI, 15 for those at 31%-50% AMI, 11 for people earning 51%-60%, 16 for those making 61%-80% of AMI.

Location: 8400 Mt. Holly‐Huntersville Rd., just outside Interstate 485.

Rents: $400 to $1,229

HTF investment: $1.49 million

East Lane Drive Townhomes

Number of units: 17 townhomes to own: Seven for those at 31%-50% AMI, four for people at 51%-60% AMI and six for those at 61%-80% AMI.

Location: East Lane Dr., off East W.T. Harris Boulevard.

Sales price: $240,000

HTF investment: $230,000