Charlotte Affordable Housing Update
On Monday, March 2nd Pam Wideman Director of the City's Housing & Neighborhood Services Department provided the Affordable Housing Update during the City Council Strategy Session. Equitable Communities attended the session. Below is our recap of the meeting. In addition, below are a few updates on Evoke Living at Arrowood and Brookhill Village two of the developments that are under funding consideration in the 2020 plan.
Recap of 2019
In 2018 voters approved $50 million Bond referendum for 2019 and 2020. The Housing Bond referendum will be on the ballot again in November of 2020.
In 2019 the Foundation for the Carolinas raised $53 million in private funding that is managed by LISC (Local Initiative Support Corporation) known as the CHOIF (Charlotte Housing Opportunity Investment Fund). In addition, the Banks stepped up and provided reduced interest rate loans to developers and donated land both totaling $103 million.
In 2019 the City in partnership with LISC and Inlivian approved funding for the following developments:
What is in the plan for 2020??
Today there remains $28,031,000 in the Housing Trust Fund
On January 17, 2020 the City released the 2020 RFP for Housing Trust fund projects. Developer Proposals were due to the Neighborhood Services by February 10, 2020. City Council will vote on April 27, 2020. The 9% deals must be submitted to the State by May 15th Low Income Housing Tax Credit application deadline.
The City’s process for reviewing the HTF deals has been extended from 45 days to 53 days which began on February 10th and will end on April 27th with the vote by City Council. This extension allows time for the Community to review the deals and ask questions.
As in previous years there is a gap in District 6 due to the high cost of land. But as we have mentioned in the past, we need to raise awareness and discussion for alternative solutions to leverage vouchers and partner with Landlords to address the affordable housing needs in District 6 and 7.
Below is a summary of the Development proposals that the Housing & Neighborhood Services Department is vetting and scoring against the Locational policy that was approved in 2019.
On March 23rd Pam will present to City Council a comprehensive detailed overview of the proposed deals during the City Council meeting.
What Equitable Communities have learned about two of the deals so far?
These projects were not discussed in detail during the meeting.
Crosland South East has applied for 4% LIHTC funding to develop Evoke Living at Arrowood, 800 Arrowood Road. Located is in District 3. They are planning to build at total of 168 units: 34 units at 30% AMI, 84 units at 60% and 50 units at 80% AMI. Rents will range between $800.00 - $1100.00 per month. There will be (36) one bedrooms, (108) 2 bedrooms and (24) 3 bedroom apartments. All units will have granite counter tops and stainless-steel appliances. The complex is approximately .8 of a mile from the light rail and (2) CATS stops are within in a 1500 hundred feet. The Managing Partners of Crosland have committed to reinvesting their profits from Evoke Living at Arrowood by making donations to two non-profits for the life of the LIHTC (30 years) Development.
Brookhill Land Lease Venture has submitted a development proposal for Brookhill Village, which is also located in District 3. The Development project is included in the Non-LIHTC deal Development type. In a January press release Brookhill Land Lease Ventures described the new development to include 324 units split between three stories of apartments and two-story townhomes. Of those units, 65 will be affordable for those making 30% of the area median income, which is about $23,700 for a family of four, according to the city. Another 97 will be for those earning 60% of the area median income, two units will be aimed at those making 80% and 160 will be market-rate. Brookhill Land Lease Ventures needs $15 million from the City’s affordable-housing funds — the Housing Trust Fund and the Charlotte Housing Opportunity Investment Fund.
Equitable Communities have requested Community Awareness sessions be scheduled for the week of April 6th. Giving the Community time to review the (10) proposed deals and schedule meetings with their City Council representatives prior to the vote on April 27th.
Are we making progress to address our 34,000 unit shortfall?
Charlotte is still focused on building new unit’s vs measuring and monitoring the total number of actual affordable housing units available. We continue to lose more apartments than we are able to build in a given year. The Community is struggling with the answer to this question and knowing if the investment and work that is being done is making a difference to address our affordable housing issue.
We want you to know that Equitable Communities CLT has requested a midyear and year-end analysis report that provides an update to summary on the progress that we are making in City funded supportive housing programs, Low Income Housing Trust Fund, demolitions and Apartment Dwelling Statistics.
Following is the link to the presentation that Pam Wideman presented to City Council during their Strategy Session on Monday March 2nd Affordable Housing Update Presentation .