By David Boraks
October 12, 2020
Local officials have again rejected funding to redevelop the run-down Brookhill Village apartment complex off South Tryon Street in Charlotte.
Developer Tom Hendrickson of Raleigh had asked for about $13 million. That includes $3 million from the city’s Housing Trust Fund and $10 million from a private affordable housing fund. That revised proposal was $2 million less than one the city rejected in April.
Local Initiatives Support Corporation, or LISC, manages the private Charlotte Housing Opportunity Investment Fund. LISC Charlotte Director Ralphine Caldwell emailed the developer last week with the news.
“Unfortunately, the project did not meet some milestones that we felt like it was needed for funding,” she told WFAE. “And it is, you know, was a very tough decision for us.”
Caldwell and city officials said questions remain about the project’s financing. They also want a longer guarantee of affordability for the units. And they expressed concern about both the large subsidy requested, and a complicated lease arrangement that eventually will return the property to its original owner.