CHARLOTTE, N.C. (April 4, 2022) — In recognition of the 20th anniversary of the Housing Trust Fund and an ongoing commitment to affordable housing, the City of Charlotte on Monday released
the Housing Trust Fund 20 Year Anniversary report reflecting on the fund’s achievements and looking to the future of affordable housing in Charlotte.
Established by the Charlotte City Council in 2001 and administered by the
Housing & Neighborhood Services Department, 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 first housing developments supported by the Housing Trust Fund began receiving financing in 2002. In the 20 years since, more than $218.8 million has helped create or preserve 10,869 affordable units and 888 shelter beds. Housing Trust Fund investments have supported a diverse range of housing developments including:
New construction of multifamily developments.
Expansion of shelters.
Supportive housing development.
Naturally occurring affordable housing preservation, including in areas experiencing rapid change.
Single-family, for-sale developments that expand homeownership opportunities.
Additionally, for every trust fund dollar spent, an average of $6.32 from other public and private sources is leveraged for affordable housing in Charlotte, for a total of $1.6 billion leveraged since the fund's inception. These public-private partnerships between the city, nonprofits, private companies and investors, and other government agencies are the hallmark of the Housing Trust Fund, and essential to creating more affordable housing in the community.
"We know the struggles so many Charlotteans have faced in finding housing that is affordable — a problem exacerbated by the challenges of the pandemic," said Mayor Vi Lyles. "This work is important and necessary, and we cannot do it alone. We are honored to have so many dedicated and talented partners who have helped us make the Housing Trust Fund the cornerstone of affordable housing efforts in Charlotte."
As the city celebrates the 20-year history of the fund, it also aims for greater progress over the next 20 years. In 2022, the City Council's
Great Neighborhoods Committee will assess the Housing Trust Fund to review its historic strengths, identify opportunities for improvement and discuss how things may be done differently as Charlotte changes and grows.