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Affordable Housing: The Charlotte Context

Affordable Housing: The Charlotte Context. T. Anthony Lindsey, Chief Executive GlobeCrossing Realty, LLC Chairman of Charlotte Housing Trust Fund Advisory Board. Affordable Housing Defined.

matthew-randall
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Affordable Housing: The Charlotte Context

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  1. Affordable Housing: The Charlotte Context T. Anthony Lindsey, Chief Executive GlobeCrossing Realty, LLC Chairman of Charlotte Housing Trust Fund Advisory Board

  2. Affordable Housing Defined Housing for which no more than 30 percent of the gross income is paid for rent and utilities for rental, or mortgage and other costs associated with homeownership. Source: U.S. Department of Housing and Urban Development Web Site

  3. Affordable Housing Defined In Charlotte, the goal is to provide safe and decent housing for the lowest incomes. * Charlotte area median income is $64,400. Source: Neighborhood Development, 2007

  4. Affordable Housing Defined Income use breakdown @ 30% of Area Median Income for a family of four household * For food, clothing, transportation, child care, medical, etc. Source: Neighborhood Development, 2007

  5. Who Needs Affordable Housing? Affordable Housing Needs in Mecklenburg County By Household • Estimate • Projection • Year 2010 projection • Percentage Shown are of total Rental Households Source: Assessment of Residential Rental and For-Sale Housing in Mecklenburg County, Robert Charles Lester and Company, 2005

  6. Who Needs Affordable Housing? • Day Care Workers • Receptionists • Teacher’s Aides • Customer Services Reps • Medical Technicians • Retail Clerks • Many Others Providing housing for the lower income earning individuals in our community … . . . is vital to keeping Charlotte’s local economy running.

  7. How Serious is the Situation? • Here’s the Gap of affordable units needed By 2010, over 17,000 units needed for families that earn less than $16,000. Source: Assessment of Residential Rental and For-Sale Housing in Mecklenburg County, Robert Charles Lester and Company, 2005

  8. How Serious is the Situation? • Measures of affordability in Charlotte Severe Cost Burden More than 37,000 households pay more than 50% of income for housing. Source: 2005 American Community Survey

  9. How Serious is the Situation? Housing Trust Fund Investment Mixed Income Development Assuming a Housing Trust Fund investment of 20% of the cost per unit, $710,039,000 is needed from the fund to develop 6,265 units for the targeted income level. $710,039,000 Total Development Cost $3,550,195,000 (41,767 X $85,000) Projected 20% HTF Investment Equals $710,039,000 (.20 X 3,550,195,000) $2,840,156,000 Source: Housing Trust Fund Strategic Plan, 2006

  10. What Have We Been Doing? Since 2002, the City and its housing partners have completed over 6,100 affordable housing units. About 1,400 of the units (23%) produced serve households earning less than 30% of area median income. Source: Neighborhood Development, 2007

  11. What Have We Been Doing?

  12. What Have We Been Doing? Since 2002, the City has spent $64.4 million on affordable housing… Two-thirds of the funding is from the local housing trust fund. Source: Neighborhood Development, 2007

  13. What Have We Been Doing? • Other Achievements Include: • Completed redevelopment of three large public housing communities through HOPE VI. • Completed first Single Room Occupancy development and developed zoning district to support more. • Created policies to provide affordable housing at transit station areas. Currently implementing first transit station plan. • Worked together as a community to develop 10 Year Chronic Homeless Plan and built a new Homeless Men’s Emergency Shelter. • Constructed and/or rehabilitated over 1,144 elderly, and other special needs housing within the past five years. • And so much more.

  14. What Do We Need To Do Next? • Education and Advocacy. • Raise Community Awareness to Gain Support. • Re-Tool Our Tool Kit • Find Ways to Pay for What Needs to Be Done – Permanent Funding Source • Regulatory EnvironmentConducive to Affordable Housing.

  15. Keys to Victory: • Challenge ourselves to try something different- Openness • We need everyone engaged in working solutions- Partnerships • We must have coordination and LEADERSHIP

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