Companies, city form partnership to tackle affordable housing in Charlotte

Bank of America, Ally Financial and Barings will invest more than $70 million to help low-income residents who can’t keep up with rising rents.

By WCNC Staff

Three organizations teamed up with the city of Charlotte Tuesday to help tackle the affordable housing crisis.

Bank of America, Ally Financial, and Barings announced a partnership with the Queen City to provide lower interest rates to approved clients who want to rent or buy homes.

Getting someone to build affordable housing in the Charlotte area has been a tall order for years. Much to the chagrin of people like James Roberts.

“Financially, I was strapped and I needed affordable housing and I couldn’t afford the rent,” he said.

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