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Charlotte council approves $75 million affordable housing bond and directs federal, ARPA funds to regional projects
Summary
The council adopted a $75 million general obligation bond for affordable housing and approved federal and ARPA allocations to support three housing projects including $600,000 in HOME funds for Oak Hill Apartments and $2.6 million in ERA2 funds to acquire New Wesley Apartments.
Charlotte City Council on Aug. 25 approved a package of housing finance actions that city staff said will support preservation and development of affordable housing across the Charlotte region.
The council voted to adopt a bond order authorizing up to $75,000,000 in general obligation bonds for affordable housing. Council members also approved a federal HOME Investment Partnerships Program (HOME) allocation of up to $600,000 to Community Housing Partners for development of the Family Residences at Oak Hill Apartments and an American Rescue Plan Act (ARPA) Emergency Rental Assistance 2 (ERA2) allocation of $2,600,000 to Dream Key Partners, Inc. for acquisition of New Wesley Apartments.
The $75 million bond is intended to fund city-backed affordable housing…
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