City of Charlotte, NC Housing Trust Fund, 1 Jun 2022

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From YouTube: Creating Affordable Housing in Charlotte Through Faith-Based Partnerships

Description

St. Paul Baptist Church is one of several churches and other faith-based groups that have connected with developers to build affordable housing with support from the City of Charlotte's Housing Trust Fund.

The Housing Trust Fund uses voter-approved housing bonds to provide financing to developers to offset the cost of building affordable housing. Funds also support various organizations that provide homelessness services.

The City of Charlotte recently recognized the program's 20th anniversary and ongoing commitment to affordable housing: https://cltgov.me/3r0OVSw

#Charlotte #AffordableHousing

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Jason puckett:: this is the centra square apartments, development in the belmont neighborhood of charlotte. and at first glance, it looks like a typical housing, complex. they've.

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Got apartments mixed with townhomes. and amenities, like large rec rooms, outdoor entertainment, spaces,, even elevators lee cochran:, the fit,, the finishes,? All of that are.

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Designed to be essentially the same as what they do and in the market rate, world.

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Jason puckett: but dig a bit deeper, and there are a few things that make this complex. Special.

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Lee cochran: units rent for anywhere from about $550 to $950.

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A month., in addition to that, over 10% of the units here, have.

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Folks, living in them that have rental assistance that actually helped them even additionally pay for those units.

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Jason puckett:, a one bedroom at centra square, runs $575 to $675.

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For comparison, nearby apartments cost about $1,200 to $1,600 a month. townhomes, either don't exist or cost between.

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$1,800 to $2,600 a month, or as lee cochran with the developer.

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Laurel street put it:.

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Lee cochran: rents for units like this, in other parts of.

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Charlotte, or even in this neighborhood, would rent for at.

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Least: double that,, if not triple that in some cases.

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jason puckett:. So what makes centra square so much more.

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Affordable than surrounding developments? well,, it's partly.

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Due to who owns the land.

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Rev. dr. robert c scott:, I'm just glad that we can do a little something to help the city of charlotte. As far as our.

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Housing shortage is concerned., jason, puckett: senior, pastor, robert c. scott and church.

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Leaders at st. paul baptist noticed a steep price hike on.

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Homes in the neighborhood. rev. dr. robert c scott:. It is crazy, that the neighborhood in.

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Which my church is located,, probably 10 to 15 years ago, a.

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Two or three bedroom small house that usually went for about.

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$90,000 to maybe $110,000 is now going for anywhere between.

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$290,000 to $350,000. jason puckett:, the church decided they needed to help.

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rev. dr. robert c scott:, the beginning of the process started with my predecessor,, the reverend dr. greg moss. and as.

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Our neighborhood was beginning to go through gentrification,. He.

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Decided that st. paul is really an anchor in this community. and.

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So he wanted to do something that will help us to be able to.

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Administer in this community in a more tangible way.

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Jason puckett: they broke ground in 2016,, working with developer laurel street to turn the church's parking lots of extra land into 112, affordable housing units in the heart of the.

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Belmont neighborhood. when rev. dr. robert c scott:, when I got into town back in october,.

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2016. charlotte had a housing deficit of close to 30,000.

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Units,, which is just astounding., so our 112 units,, it's just.

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Really a drop in the bucket., but I think that our capacity to be.

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Able to give up our land,, which was a sacrifice,, to provide.

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Housing for at least 112 families is so worth it.

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Jason puckett:, the church, st paul,, is contributing their.

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Land. the developer, laurel street worked with them to make.

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The property, a reality. and the last step is the city of.

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Charlotte's housing, trust, fund, or htf. established in 2001,. The.

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Trust fund uses voter approved housing bonds to support, affordable housing and shelter options throughout the city.. In the last 20 years, htf has provided more than $230 million.

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To fund local development, organizations and more., and that.

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Has resulted in the creation and preservation of nearly 11,000.

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Affordable housing units in the city. centra square is the.

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Perfect example of the htf working in action with multiple.

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Local partners.

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Lee cochran: in this case,, the major partners, laurel street,, we're the developer, st. paul baptist church brought the land.

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To the table in a great neighborhood., and then we also had the city of charlotte's housing, trust fund,, that we could not have built this without the investment from the housing trust. Fund. rev. dr. robert c scott:, the city of course,, providing tax.

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Credits and funds to make that a work in reality,. We could not have done this without them. of course,. We know that bank of.

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America,, the developers putting up some funds,, we put up the.

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Land,, but we couldn't have done it without the city.. It was just.

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A wonderful collaboration. and I would say that it was really.

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Providential and how well that came, together. jason, puckett:, so centra square here is an example of how the.

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City and the housing trust fund have worked to bring more affordable housing options to the area. faith. Based.

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Partnerships like this are just one of the few ways we will be.

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Discussing in the coming months. now, if you want more information.

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On centra square check out their website at this link,, where you.

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Can find out more about the housing trust fund at charlottenc.gov.