Building or Renovating
Developers often receive incentives to create affordable housing, including:
- Grants
- Low-interest loans
- Discounted/free land
Developers can use these resources to build new housing units or renovate existing ones. The State of North Carolina and the City of Charlotte manage housing trust funds, with limited funds to assist developers.
Subsidizing Rent
By providing rental subsidies, our community can quickly increase the supply of affordable homes.
Consider the typical family that earns $1,200/month after taxes. It can afford about $400/month for rent, but very little exists at this level, and what does exist is often substandard. But a $200 monthly housing subsidy would allow this family to spend$600/month for rent, greatly improving the chances to find a safer, more appropriate home.
While some households might need long-term rental subsidies, other households only need temporary help until their incomes increase or stabilize.