CHARLOTTE, N.C. — Local Initiatives Support Corp. has once again told the developer of New Brookhill in South End it does not recommend millions of dollars in support from two funds to subsidize affordable units on site.
In an Oct. 7 email obtained by the Charlotte Business Journal, Ralphine Caldwell, executive director of LISC’s Charlotte office, references three underwriting concerns about the deal.
After a similar recommendation to not allocate funds was rendered earlier this year, the New Brookhill developer, Lookout Ventures, resubmitted its application. The Zebulon-based firm has put forward plans to build 324 apartments in a first phase of development at New Brookhill. Of those, 162 units would be affordable, including 65 reserved for those making 30% of the area median income.
But Tom Hendrickson, CEO of Lookout Ventures, and Pat Garrett, former president of the Charlotte-Mecklenburg Housing Partnership and part of the New Brookhill coalition, say the goal of providing affordable housing at New Brookhill cannot be achieved without financial support from the city and LISC.
CBJ’s Ashley Fahey checked in on several factors at play for the development and what might happen next. Read the full story here.
Cox Media Group
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