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City Supports Affordable Housing Through City-Owned Land Ground Leases

Published on February 06, 2024

CHARLOTTE, N.C. (Feb. 6, 2024) - In January, Charlotte City Council took a step to support affordable housing by extending a ground lease option of city-owned land with CSE Communities, LLC for the Evoke Living at Ballantyne project. This extension, now valid through June 30, 2024, and potentially extendable for an additional six months, paves the way for the development of 60 affordable housing units on a city-owned, 3.37-acre site at Providence Road West and Ballancroft Parkway, near the Charlotte-Mecklenburg Police Department's south division.

The units will cater to households earning at or below 30%, 60%, and 80% of the Area Median Income. Backed by a $3.1 million funding from the Housing Trust Fund, the Evoke Living at Ballantyne project is strategically located at Providence Road West and Ballancroft Parkway. This location is ideal, offering easy access to essential amenities, job opportunities, and educational facilities in a high-demand, opportunity-rich area.

Council also voted to extend both the ground lease term and the affordability period to 75 years.

Additionally, the City Council has adopted a resolution to grant an option for a 99-year ground lease to Merit AH, LLC. This agreement pertains to a 1.73-acre parcel of city-owned property located at 7605 University City Boulevard. This resolution paves the way for "The Merit Apartments," a 68-unit affordable housing project on 1.73 acres of city-owned land at 7605 University City Boulevard.

Lease Term: 99 years
Affordability Period: 99 years
Rent: $1.00/year
Housing Units: Merit will be responsible for the development and operation of affordable housing consisting of a minimum of 68 rental housing units, all of which shall adhere to Low Income Housing Tax Credit and all city funding requirements. It will include the following proposed unit mix:
- 17 units for households earning ≤30% of the Area Median Income (AMI).
- 19 units for households earning 31-50% of AMI.
- 16 units for those earning 51-60% of AMI.
- 16 units for households with incomes between 61-80% of AMI.

Theses strategic partnerships and lease agreements underscore the city's commitment to addressing the pressing need for affordable housing.