North Charlotte Today

CHARLOTTE, N.C. –  Charlotte City Council, during its June 12 business meeting, approved an $8 million Housing Trust Fund allocation to support Charlotte Woods Apartments, a naturally occurring affordable housing (NOAH) development. Located near Scaleybark and Woodlawn Roads, this apartment complex is expected to provide a total of 266 units that will remain affordable for at least 15 years.

The development will have 155 one-bedroom and 111 two-bedroom apartments, including:

• 80 units for households making 30% or less of the area median income (AMI), with rents ranging from $260-$535
• 133 units for households at 60% AMI or less, with rents ranging from $1,000-$1,175
• 53 units for households at 80% AMI or less, with rents ranging from $1,050 to $1,215

The current area median income for a family of four is $99,700.

In addition to the $8 million Housing Trust Fund allocation, the development will also participate in the city’s NOAH rental subsidy program. This program reimburses the development’s city portion of its property tax bill in exchange for rental subsidies for families making less than 30% AMI. Charlotte Woods will provide 40 long-term rental subsidies for a period of 20 years through this program.

The developer is also seeking approximately $14 million from the Housing Impact Fund, $4 million from Mecklenburg County, and $18 million in private funding to support the $44 million project. These funds will support the purchase of the property, as well as rehabilitation that will include HVAC upgrades, window and roof replacements, and other renovations.

Residents at Charlotte Woods will have access to employment centers and will be within walking distance of pharmacies, grocery stores, shopping centers, and other living amenities — key criteria for the city when supporting NOAH developments. Supportive services will also be available on site.

The complex provides much-needed affordable housing options in a high-opportunity area, which can offer long-term economic stability for families who need it most.

Rolling Request for Proposals (RFP) for NOAH Preservation 

By supporting NOAH preservations like Charlotte Woods, the city can leverage its affordable housing dollars to go further, as it is less expensive to rehabilitate existing units than to build new construction.  

The city is currently accepting proposals to provide gap financing for NOAH acquisition, rehabilitation, and preservation. This concept aligns with the Housing Trust Fund “tune up”, which will explore new and more effective ways to support and expand affordable housing options.  

More information about this rolling RFP can be found on the resources for developers web page.

Original source can be found here