CHARLOTTE — The Charlotte City Council learned that the $23 million it has committed for funding toward 11 affordable housing developments is not enough.
The 11 projects that are in limbo would generate 886 units, 10 which were funded using the voter-approved Housing Trust Fund.
“Extraordinary market conditions” are to blame for the funding gaps, said Shawn Health, assistant city manager.
[ LINK: AFFORDABLE HOUSING RESOURCES ]
The funding gap requests total more than $32 million combined. The city only has $6.7 million left in the Housing Trust Fund.
City staff members are reviewing the funding requests, and the Charlotte City Council may vote on what to do next month. In reviewing these requests, the city staff is looking at construction readiness, the revised cost per unit and ensuring the funding gap request is a last resort.
The Charlotte City Council is not contractually obligated to provide additional funds.
“I’m concerned if we are trying to move forward and identify funding today,” Council member LaWana Slack-Mayfield said.
Slack-Mayfield said the city needs to be responsible with its dollars. She wants to ensure the requests from developers aren’t inflated and won’t come down over the next few years She wants the extra $6.7 million to help residents who need housing immediately.
“Let’s see what we can do with that $6 million to impact positively the needs we have today,” she said.
[ ALSO READ: Charlotte nonprofit has new name but same affordable housing mission ]
Affordable housing advocate Jessica Moreno is watching the city closely.
“Things aren’t working,” Moreno said. “Housing is such a broad and comprehensive issue and we need comprehensive solutions.”
Projects seeking additional money:
Fairhaven Glen: 8329 Nations Ford Road
140 Units
Seeking: $1.15 million
Previously awarded: $2 million
Ovata at Reedy Creek: 9729 Newell Hickory Grove Road
78 Units
Seeking: $2.295 million
Previously awarded: $480,000
Galloway Crossing: 8300 E. W.T. Harris Blvd.
78 Units
Seeking: $1.56 million
Previously awarded: $2.496 million
Ballantyne Seniors: 15201 Ballancroft Parkway
82 Units
Seeking: $1.4 million
Previously awarded: $4 million
The River District: 8325 Dixie River Road
124 Units
Seeking: $6.15 million
Previously awarded: $2.5 million
Evoke Living @ Morris Field: 3628 Morris Field Drive
132 Units
Seeking: $5.9 million
Previously awarded: $3.7 million
Bishop Madison Homes: 1947 Bishop Madison Lane
9 Units
Seeking: $372,000
Previously awarded: $288,000
Grounds for Change: 3420 Park Road
104 Units
Seeking: $5.759 million
Previously awarded: $2 million
Lakewood Apartments: 2732 Watson Drive
36 Units
Seeking: $800,000
Previously awarded: $2.25 million *not from Housing Trust Fund
South Village Apartments: 3655 Dewitt Lane
82 Units
Seeking: $4.7 million
Previously awarded: $3 million
Easter Home: 1615 E. Fifth St.
21 Units
Seeking: $1.9 million
Previously awarded: $630,000
VIDEO: Habitat for Humanity uses city ordinance to help build affordable housing
This browser does not support the video element.