More affordable housing developments will get a funding boost from the future land sale for the uptown Seventh and Tryon redevelopment.
Mecklenburg County commissioners on Tuesday approved nearly $3.8 million for four projects underway by nonprofit developer DreamKey Partners.
The money will come from the sale of the 1.5 uptown blocks designated for the massive $600 million Seventh and Tryon project, which calls for an office tower, retail, residences and the redevelopment of Main Library and Spirit Square.
The decision to use land sale money for other affordable developments came after Seventh and Tryon leaders scrapped initial plans to include affordable units in the uptown development because of cost, the Observer previously reported.
As project leaders talked in public and among themselves, a debate emerged: Is it better to put fewer affordable units in the city core on more expensive land that’s close to services and jobs, or fund more units elsewhere in less costly areas?
County officials and Bank of America, the primary landowners involved in the deal, decided to split the difference, directing $6 million to mixed-income apartments Inlivian is developing uptown next to Seventh and Tryon and $12.7 million to offsite locations.
The money will provide financing to projects that have most funding secured but need a last push to begin construction.
The four developments approved Tuesday total 220 units, and are priced for households earning between 30 and 80% of the area median income, or $25,250 to $67,350 for a family of four.
Read more at The Charlotte Observer.
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