CHARLOTTE, N.C. — Charlotte City Council on Monday approved funds to invest in an apartment on Scaleybark Road and preserve its affordable rent prices.
The move prevents the Charlotte Woods property from getting bought by private investors and redeveloped, potentially pricing out current residents.
City council gave the green light to use $12 million in public funds to renovate the complex. This is the ninth property the city has invested in to preserve what it calls "naturally occurring affordable housing" or NOAH.
Charlotte Woods was built in the 1970s and has 266 units of one- and two-bedroom apartments.
As WCNC Charlotte has previously reported, the city and county would invest $12 million so affordable housing developers can buy it and fix it up while keeping rent down. Charlotte City Council has now approved investing $8 million. The Mecklenburg Board of County Commissioners approved a $4 million investment last week.
"This will definitely help us keep people housed and this will help us address [the] affordable housing crisis," Councilwoman Dimple Ajmera said at the May city council meeting where the proposal was presented.
This story is part of ‘I Can’t Afford to Live Here,’ a collaborative reporting project focused on solutions to the affordable housing crisis in Charlotte. WCNC Charlotte is committed to reporting on the issues facing the communities we serve, including affordability. We tell the stories of people working to solve persistent social problems. We examine how problems can be solved or addressed to improve the quality of life and make a positive difference. WCNC Charlotte is seeking solutions for you by providing the following assistance programs in Charlotte:
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