Efforts to preserve and build affordable housing are underway in the Charlotte area. This week, the city of Charlotte awarded $17.5 million to seven affordable housing projects.
The money allows affordable housing developers to preserve and build nearly 800 units that will be priced below market, based on a renter or buyer’s income.
One of the grant recipients is Charlotte-based affordable developer Ascent Housing. The group is getting $2.4 million to buy and renovate the Swan Run Apartments in south Charlotte.
“Typically, the properties we acquire, including Swan Run, are often at risk of being purchased by a larger national private equity group that does modest small renovations but then increases the rents significantly,” explained Adelaide Martin with Ascent Housing.
By buying Swan Run and putting a deed restriction on the property, Ascent Housing will prevent that from happening to 92 affordable units.
Martin added their goal is to protect existing residents from rent increases while also offering some of the lowest rents in south Charlotte to new tenants when units open up.
Martin said that based on someone’s income and unit size; rent will range from $350 to $1,400 a month.
Another grant recipient is local group Roof Above. The organization is turning vacant dorms on the old Kings College campus in the Elizabeth neighborhood into a transitional housing program for men experiencing homelessness.
Plus, Charlotte-based developer Laurel Street also got money to help build affordable senior apartments in Matthews.
“The city has really stepped up over the last few years,” Lee Cochran with Laurel Street said. “They used to allocate, through bond referendums, $15 million every two years, now they’re doing $50 million every two years.”
The senior community will be called Mount Moriah. Cochran said the project would not be possible without the city because one of the biggest hurdles for affordable housing projects is funding.
“It costs a certain amount of money to build and rehab affordable housing. So, in essence, the answer to building more affordable is typically more money,” Cochran said.
Laurel Street will take resident applications for Mount Moriah in Fall 2025.
Read more of this story at WCNC-Charlotte
