CHARLOTTE, N.C. — Charlotte's population is booming by as many as 16 people per day, according to city leaders who say the growth is putting pressure on the affordability of housing.
"I think it's no secret that we're lacking affordable housing in our city," said Ali Summerville of Ally Financial, who signed on as one of three co-chairs of the Charlotte Regional Business Alliance's "Vote Yes for City Bonds campaign".
The campaign is an effort by business leaders to convince Charlotte voters to support a $226 Million bond referendum package this election cycle. The bonds focus on three major issues. If all are approved, about $146.2 million would fund street projects and $29.6 million would bolster infrastructure in neighborhoods.
The $50 million for housing would go directly to the city's housing trust fund, which the city has spent hundreds of millions on in recent years to keep climbing costs and dwindling home supplies under control.
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"This is the third $50 million bond for affordable housing. Everybody recognizes that more needs to be done," Charlotte Regional Business Alliance President Kelly O'Brien explained.
In 2018 and 2020 voters approved $100 million collectively -- attracting private-sector help that often exceeded a monetary match.
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"Charlotte is really unique in the way that we've set up our public-private partnerships. We have nonprofits involved. We have corporations involved. We have personal donors involved. And then, of course, the backing of the city," Summerville said.
City leaders have touted the bonds as a win-win because the money comes by way of the Capital Investment Plan (CIP) at no additional cost to taxpayers. The CIP is a long-range investment program designed to meet the community's needs brought on by growth.
"They have been very thoughtful in terms of looking at what the city can afford with existing tax revenue," O'Brien said about city leadership.
Examples of housing trust fund dollar projects include the Tall Oaks Redevelopment within the Cherry Community. The city also spent $5.8 million to renovate the Men's Shelter of Charlotte. $17 Million went to an affordable development with 112 units: a 60-unit senior housing building, 29 townhomes and a 23-unit garden-style apartment building in Belmont.
The "Vote Yes For City Bonds" campaign has spent substantial time informing voters to take their time when casting a ballot, and to look for the bond referendum issues at the very bottom of the ballot, because without voter support the city will be, "kicking the can down the road".
"We're behind on the housing piece, but in totality," Summerville said. "I think we're trying to look ahead and see the growth and what we can accommodate."
Contact Fred Shropshire at fred@wcnc.com and follow him on Facebook, Twitter and Instagram.