Voters approved a $50 million bond for affordable housing in November’s elections, and now, the Charlotte City Council is starting to take a look at how that money is going to be spent.
The city of Charlotte’s Housing and Neighborhood Services director said there is already more than $50 million in proposed projects.Of that money, $22.1 million is being requested by developers to put projects on city-owned land.
If the council provides all of the funding to those projects on city land, 620 units would be able to be built — 116 of them would be for the lowest income residents.
Not all of these projects will be approved, and it is likely more developers will seek funding.Residents continue to go to council members to say that affordable housing is a priority issue, which they are watching closely.
“Someone who is making minimum wage, they can work here, but they can’t live here,” Charlotte resident Darlene Green said.
The city of Charlotte is also anticipating at least $75 million more for affordable housing — $50 million could come from private companies. Three companies are expected to announce donations Tuesday morning.