Charlotte City Council approves $28M bond for Central at Old Concord Apartments

During the Charlotte City Council meeting on March 24, 2025, a significant decision was made regarding affordable housing initiatives that directly impacts the community. The council approved the issuance of a bond worth $28.4 million to finance the Central at Old Concord Apartments project, located in District 1. This funding will support land acquisition and construction costs aimed at providing affordable housing for residents earning 80% or below the area median income (AMI).

In addition to this bond approval, the council has already allocated $4.2 million from the housing trust fund to further support this effort. This financial commitment underscores the city’s dedication to addressing the pressing need for affordable housing in Charlotte.

Another notable discussion involved the approval of a bond not to exceed $17 million for the View at Honeywood Apartments in District 2. This project has also received a 4% tax credit from the North Carolina Housing Finance Agency, enhancing its viability and potential impact on the community.

Council members emphasized the importance of maintaining a strong partnership with Enlivien, the organization managing these housing projects. Despite some misconceptions about the city’s control over Enlivien, it was clarified that the council plays a crucial role in approving bond issuances for debt incurred by the organization. Historically, the city has invested over $42 million in 32 of Enlivien's 48 community properties, demonstrating a long-term commitment to affordable housing solutions.

As the council continues to engage with residents about these initiatives, the focus remains on enhancing the community's understanding of the relationship between the city and Enlivien, ensuring transparency and collaboration in addressing housing needs. The decisions made during this meeting reflect a proactive approach to tackling the affordable housing crisis in Charlotte, aiming to create a more inclusive and supportive environment for all residents.