Charlotte City Council Approves $20 million to Fund Affordable Housing
The Charlotte City Council decided to spend more than $20 million to support current projects for affordable housing.
These projects, which the city has already approved and funded, claim that they require additional funding in order to proceed with construction due to escalating construction and financing expenses.
The funds provided Monday night will support eight ongoing initiatives to keep rent reasonable. It will provide more than 600 new dwelling units.
Seven projects, one in practically every district, will each get $6.6 million from the American Rescue Plan Act alongside the $9.2 million that is still in the Housing Trust Fund.
The South Village Apartments in southwest Charlotte will get an additional approximately $5 million from the American Rescue Plan funds, making it the seventh project to receive funding.
“The most responsible thing we can do with what we have to allocate is to make an impact where we can. And this is what we can afford to do right now at this moment,” said council member Marjorie Molina.