Housing Bonds: Setting the Standard
City of Charlotte Housing Bond Measure Sets a Great Example for Rest of the Nation
Affordable housing continues to be a challenge throughout the country and experts are paying close attention to how cities and towns are developing solutions to address the needs of their communities. The City of Charlotte’s proposed $100 million housing bond measure (voters to decide during the Nov. 5 election) provides a strong example on how to increase rental units, expand homeownership opportunities, limit displacement, and help elders to age-in-place in their existing homes.
The housing bond is a part of a triple package of general obligation or “GO Bonds” that also includes $238.3 million for transportation (roadways and sidewalks) and $61.7 million for neighborhoods (revitalizing under-invested communities).
With a population over 911,000 (U.S. Census Bureau), and 117 people (Charlotte Regional Business Alliance) moving to the city daily, Charlotte is currently facing a shortage of over 36,000 affordable housing units (City of Charlotte). The City Council decided in 2001 to create a Housing Trust Fund (HTF) as a formal way to designate resources for affordable housing and the first year of funding occurred in 2002 through a bond measure.
Since then, bonds are presented to voters in even numbered years. Since 2022, 10,869 new and rehabilitated affordable housing units have been completed; with 888 shelter beds for the unhoused, totaling 11,757. Of that total, 3,690 units have been targeted for families of four making less than $25,250 annually.
This year’s housing bond measure originally mirrored the $50 million amount approved by voters during the last three bond votes. Strong leadership from the Charlotte City Council and staff, its Neighborhood, Equity & Stabilization (NEST) Commission, public and private sectors, and community groups encouraged an increase of the bond to $100 million. Of the total, a significant investment of $25 million specifically targets affordable homeownership offers a playbook on helping families to achieve the “American Dream.”
By doubling the bond, and upon passage by Charlotte Voters, the priorities include:
- Rental Housing Production – $35M
- Homeownership – $25M
- Rental Housing Preservation and Anti-Displacement – $14M
- Supportive Housing and Shelter Capacity – $9M
- Rehab and Emergency Repair – $5M
- Innovation Pilot Fund – $5M
- Site Acquisition in Transit Areas – $5M
- Administration and Evaluation – $2M
Support for all three bond measures is critical. The passage of the Housing Bond on November 5th would continue the citywide collaborations between community, business, government, non-profit, and grassroot organization to boost affordable housing and homeownership for those who need it most.
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