Charlotte City Council approved a $1,000,000 HOME Investment Partnerships Program allocation for a bridge loan to Albemarle Landing Limited Partnership for the Albemarle Landing Apartments, a 128-unit affordable housing development at 5800 Albemarle Road. The loan will support long-term financing and stabilize the LIHTC community serving households at or below 70% AMI. The $1,000,000 short-term loan has a seven-year term with at least three percent interest and will unlock HUD-insured mortgage financing. In return, the developer will extend the project’s affordability period from 30 to 40 years and reserve 15% of units (19 units) turnover for vulnerable populations referred by community partners. Completed in 2025, the community includes 30 units at or below 50% AMI, 68 units at or below 60% AMI, and 30 units at or below 70% AMI. Loan repayments will recycle into the city’s affordable housing development fund under federal HOME guidelines. No additional city funds or Housing Trust Fund allocations are involved.