Established by the Charlotte City Council in 2001, the Housing Trust Fund (HTF) provides gap financing to for-profit and not-for-profit developers for the development of affordable housing. The fund is backed by voter-approved housing bonds.
To qualify for financing through the fund, housing developers must:
Have a proven development track record.
Apply for and secure additional financing.
Guarantee at least 20% of the units will be affordable for households earning 30% of the AMI, or under $25,250 per year for a family of four.
Include a long-term deed restriction that preserves unit affordability for years to come.
In November 2020, Charlotte voters approved allocating $50 million in bonds to the fund.
In total, the city has allocated $210 million in bonds for the HTF, financing 9,985 new and rehabilitated affordable housing units and shelter beds. Of that total, 3,485 were for households earning less than 30% of the AMI. These types of investments make Charlotte more affordable for preschool teachers, health care aides, and workers in hospitality, retail and emergency services.