This allocation approves $2,250,000 from the Housing Trust Fund for the Woodlands North Senior Apartments project. The development, located on a 7-acre parcel, includes 57 affordable housing units with a 50-year affordability period. The project has secured a nine percent low-income housing tax credit and aligns with HUD regulations. It features minimal improvements in a flood fringe area, with adjustments to meet compliance standards. This allocation replaces previously approved HOME funds.
This decision addresses Charlotte's critical need for senior affordable housing, ensuring long-term affordability and compliance with federal housing standards.