CHARLOTTE — There was no pomp and circumstance, but there was a celebratory mood as the Charlotte City Council unanimously approved up to 602 new affordable housing units.
[PAST COVERAGE: Charlotte city leaders recommend $12.4 million plan to build affordable housing]
“We have to have places for people to live and places for people to work,” Mayor Vi Lyles said.
The city will empty the pot of money holding the voter-approved Housing Trust Fund dollars to make the units happen. Most of the 602 units hinge on receiving state tax credits. Of the 602, there are 17 units slated for homeownership. The city is spending $12.4 million.
Charlotte City Council unanimously approved spending $12.4 million from the Housing Trust Fund. This could generate up to 602 units #CLTCC @wsoctv pic.twitter.com/OE3pQk6Try
— Joe Bruno (@JoeBrunoWSOC9) April 11, 2022
“There’s so much more work to do,” Councilman Malcolm Graham said.
That wasn’t the only housing topic approved by the Charlotte City Council. City leaders signed off on 92 townhomes to be built across from Camp North End. The city says 10% of the units will be affordable.
The city is going to reimburse up to 45% of property taxes from the new development for 15 years, which will be up to $2.2 million.
The city is also eyeing tax dollars for a county-led project in uptown called 7th and Tryon, which includes retail, office space and restaurants. The city is being asked for up to $11.8 million with most of that in property tax rebates.
The funding will be used in part for a walking path and plaza through the development. It will also go toward an above-ground parking deck, which is why Councilman Braxton Winston was not on board.
“I am not going to be supportive of us spending more money on above-ground parking,” he said.
The 7th and Tryon project is a four-minute walk from the nearest light rail station. The city council will vote on the project next month.
(Watch the video below: Charlotte city leaders recommend $12.4 million plan to build affordable housing)
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