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May 1, 2024

Affordable Housing Awareness Month FAQs

By Kailey Truczinskas

May is Affordable Housing Awareness Month. Here are some frequently asked questions (and answers) about housing affordability and gentrification in Charlotte.

What is affordable housing?  

Affordable housing refers to housing options that cost a family no more than 30% of their income. This includes both rental and homeownership costs. As one of the fastest-growing cities in America, Charlotte has seen a surge in population, causing housing prices to rise significantly. 

How does Charlotte’s housing cost compare to an individual’s income growth?  

Housing costs in Charlotte have outpaced wage growth, making it challenging for many working individuals and families to find affordable places to live.  

How is Habitat Charlotte Region working with the City of Charlotte to combat the affordable housing crisis?  

Habitat partners with the City of Charlotte as an advocate for affordable housing and on numerous housing projects, the most recent of which is The Meadows at Plato Price development. For its work the city collaborates with nonprofits, housing developers, and community partners using The Housing Charlotte Framework. The Framework’s goal is to expand access to opportunity through housing investments using funds from the City’s Housing Trust Fund.   

People talk about gentrification. What is that and what does it mean for Charlotte-area residents? 

Gentrification describes when the character of an area or neighborhood undergoes change, often rapidly, as a result of an influx of affluent residents and investment. Current residents are often displaced in the process due to rising rents and property taxes. 

While some may benefit from increased property values, improved amenities, and new businesses, gentrification can result in cultural and social changes within the area that disrupt the existing community.

How is Habitat Charlotte Region working to keep affordable homes and neighborhoods affordable? 

As Habitat Charlotte Region saw home prices rising and gentrification taking place in our community, we added clauses to our agreements with homeowners to help keep homes affordable for years to come.   

If a Habitat homeowner chooses to sell a home, HCR has a right of first refusal to purchase the home—matching the price the homeowner has been offered on the open market. If we purchase the home, HCR renovates it and sells it to another qualified moderate-income homebuyer.

Get involved!

This Affordable Housing Awareness Month, support our work to increase access to affordable housing and create homeownership opportunities in the Charlotte Region by donating, volunteering, or becoming an advocate!

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