Charlotte’s Housing Program Saves 1,900 Affordable Homes Across City
A pioneering city program has protected 1,900 homes across 12 developments, keeping residents in their homes and keeping rent prices stable for Charlotte locals.
The city works out agreements with property owners, requiring them to keep rates affordable for 20 years. This plan focuses on areas where rising costs could force current residents to move.
Lake Mist Apartments, home to a community that’s 95% Latino families, was the program’s first win. Six more apartment complexes have added 500 units for families making between 30% and 80% of what the typical area household earns.
The deals come together through three-way teamwork. The city’s Housing Trust Fund works with Ascent Housing while the Housing Impact Fund brings in private money to keep homes affordable.
Yearly support matches property tax payments for each location. This practical solution helps close the gap between what working families can afford and today’s market rates.
“Over the past 25 years, Charlotte has invested $12 billion in transit-oriented development, resulting in 50,000 housing units, including 2,500 affordable units,” Interim Planning Director Monica Holmes said at a recent council meeting.
The council approved $93 million to buy the Norfolk Southern O-Line Corridor. Leaders talked about funding future train services through a penny sales tax bump. Voters backed increasing Housing Trust Fund money from $15 million to $50 million through bonds. This money helps both build new homes and keep existing ones affordable.
Rules set in 2019 have kept 98 units affordable for 15 years. These steps help keep neighborhoods stable while making housing more accessible.
The February meeting covered other key issues. Topics included packed animal shelters, job training, and plans for aging residents. The council also said yes to hosting the National League of Cities’ 2029 City Summit.
