Charlotte Planning, Design & Development Department issued the following announcement on Sep 5.
The City of Charlotte is committed to creating more opportunities for affordable housing. Through the success of the Transit Oriented Development (TOD) Bonus Program, the City received $400K to the Affordable Housing Trust Fund that will be used to fund affordable housing projects in TOD districts.
The bonus program allows developers to build structures at higher heights or longer lengths in TOD districts than the City ordinance allows without the bonus. In exchange, developers commit to providing affordable housing units on-site or close to the development site, or they must provide funding to the Affordable Housing Trust Fund. Affordable housing in our TOD districts is critical as it allows individuals to reduce or eliminate their reliance on costs associated with personal transportation and use the City’s transit system.
The adoption of the TOD districts was the first major step in drafting the Unified Development Ordinance (UDO). The bonus program will be expanded and included in more districts in the new UDO. To learn more visit CharlotteUDO.org.
Original source can be found here.
Source: Charlotte Planning, Design & Development Department
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