Charlotte City Council to Consider $5 Million in Funding for New Affordable Housing Development

Charlotte leaders are expected to approve $5 million on Monday for affordable housing geared toward multifamily rentals and future homeownership through the city’s Housing Trust Fund. The agenda for Monday’s City Council meeting states the money would add 140 affordable housing units and 19 homeownership units to Charlotte’s existing supply. The developments will be named Mallard at Sugar Creek, Grounds for Change, Legacy Vista and Little’s Landing.

There is a significant lack of affordable housing in Charlotte and our city is getting more expensive to live in. For the people who are able to live in these affordable units, it will make a big difference because housing stability is the foundation of success in lots of other areas. The Housing Trust Fund has been around since 2002 and in that time has produced or preserved over 13,000 affordable housing units and 900 shelter beds. It’s a solution that some Charlotte homeowners say is desperately needed.

Instant Reaction: Mortgage Rates April 28th, 2024

Mortgage interest rates increased to 7.1% this week, moving above the mid-6% range for the first time since December 2023. While the higher mortgage rates are determined to be a killjoy for the spring housing market, mortgage applications did increase. It seems those applying for mortgages may be trying to sneak in applications as rates moved higher in recent weeks.

For consumers trying to time the market for the perfect rate versus home prices, it is all an equation of not only housing needs but affordability. For buyers juggling the equation, home prices have increased to the highest price ever for the month of March, and 29% sold above the asking price for the home. As the intensity of the spring market reaches a peak in June, it may be better to act before the bidding wars over limited homes on the market gain further traction…continue reading