CHARLOTTE, NC (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 released the Housing Trust Fund 20th Anniversary Report Monday, reflecting the fund’s achievements and on the future of affordable housing in Charlotte.
The Housing Trust Fund was established by Charlotte City Council in 2001 and is managed 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. The funds also support various organizations that provide services to the homeless.
The first housing developments supported by the Housing Trust Fund were funded in 2002. In the 20 years since, more than $218.8 million has been contributed to create or maintain 10,869 affordable units and 888 emergency shelters. The Housing Trust Fund’s investments have supported a variety of housing developments including:
New construction of apartment buildings.
Expansion of emergency shelters.
Supportive housing development.
Naturally occurring preservation of affordable housing, including in rapidly changing areas.
Single family homes for sale that expand the possibilities of home ownership.
Additionally, for every trust fund dollar issued, an average of $6.32 is leveraged from other public and private sources of affordable housing in Charlotte, for a total of $1.6 billion leveraged since the fund’s inception. These public-private partnerships between the city, non-profit organizations, private companies and investors, and other government agencies are the hallmark of the Housing Trust Fund and are essential to creating more affordable housing in the community.
“We understand the difficulties that so many Charlotte residents have faced in finding affordable housing — a problem that is being exacerbated by the challenges of the pandemic,” Mayor Vi Lyles said. “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 the affordable housing effort in Charlotte.”
As the city celebrates the fund’s 20th anniversary, it also aims to make greater strides over the next 20 years. In 2022, the City Council’s Great Neighborhoods Committee will evaluate the Housing Trust Fund to review its historical strengths, identify opportunities for improvement and discuss how things can be done differently as Charlotte changes and grows.