Charlotte’s City Council just voted to approved a massive $12.4 million spending plan to help build several new low-income housing developments around our city.
The city said the new funding will provide funds for potentially 602 new homes for low-income families.
According to a press release, “The city received 12 proposals from developers. With limited trust fund support available, the council on Monday approved financing seven of the proposed developments.”
Here are where all the communities currently slated to receive the funds are located:
Forest Park Apartments, 7150 Forest Point Blvd.: $2.5 million from the trust fund would support a multifamily development by the NRP Group that includes 200 units with rents between $420 and $1,075. The units would remain affordable for 30 years.
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40 units would be rented to families earning at or below 30% AMI.
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140 units would be rented to families earning between 51% AMI and 60% AMI, or between $42,942 and $50,520 annually for a family of four.
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20 units would be rented to families earning between 61% AMI and 80% AMI, or between $51,362 and $67,350 annually for a family of four.
Northlake Center Apartments, 10400 Northlake Centre Parkway: $500,000 would support a multifamily development by WODA Cooper Companies that includes 78 units with rents between $339 and $1,465. The units would remain affordable for 30 years.
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20 units would be rented to families earning at or below 30% AMI.
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12 units would be rented to families earning between 31% AMI and 50% AMI, or between $26,102 and $42,100 annually for a family of four.
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12 units would be rented to families earning between 51% AMI and 60% AMI.
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34 units would be rented to families earning between 61% AMI and 80% AMI.
Evoke Living at Eastland, 5601 Central Ave.: $2.5 million would support a development for older adults by Crosland Southeast Communities and Opportunities South that includes 78 units with rents between $403 and $1,238. The units would remain affordable for 30 years.
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20 units would be rented to families earning at or below 30% AMI.
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31 units would be rented to families earning between 31% AMI and 50% AMI.
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27 units would be rented to families earning between 61% AMI and 80% AMI.
Mallard Creek Seniors, 7123 Mallard Creek Road: $2.95 million would support a development for older adults by DreamKey Partners that includes 102 units with rents between $404 and $1,458. The units would remain affordable for 30 years.
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26 units would be rented to families earning at or below 30% AMI.
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15 units would be rented to families earning between 31% AMI and 50% AMI.
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30 units would be rented to families earning between 51% AMI and 60% AMI.
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31 units would be rented to families earning between 61% AMI and 80% AMI.
Marvin Road Apartments, 3712 Marvin Road: $2.24 million would support a multifamily development by DreamKey Partners that includes 70 units with rents between $404 and $1,542. The units would remain affordable for 30 years.
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18 units would be rented to families earning at or below 30% AMI.
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11 units would be rented to families earning between 31% AMI and 50% AMI.
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17 units would be rented to families earning between 51% AMI and 60% AMI.
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24 units would be rented to families earning between 61% AMI and 80% AMI.
Parkside at Long Creek, 8400 Mt. Holly-Huntersville Road: $1.49 million would support a development for older adults by SCG Development Partners that includes 57 units with rents between $400 and $1,229. The units would remain affordable for 30 years.
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15 units would be rented to families earning at or below 30% AMI.
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15 units would be rented to families earning between 31% AMI and 50% AMI.
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11 units would be rented to families earning between 51% AMI and 60% AMI.
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16 units would be rented to families earning between 61% AMI and 80% AMI.
East Lane Drive Townhomes: $230,000 would support Habitat for Humanity of the Charlotte Region as it builds 17 townhomes on East Lane Drive. The homes would be sold at $240,000 and remain affordable for 15 years.
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Seven units would be for families earning between 31% AMI and 50% AMI.
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Four units would be for families earning between 51% AMI and 60% AMI.
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Six units would be for families earning between 61% AMI and 80% AMI.