CHARLOTTE – Plans for a low-income housing apartment complex at the intersection of Brookshire Boulevard and Old Plank Road have been approved by the Charlotte City Council.
The development, approved at the July 22 meeting, will consist of 96 units in four buildings on the 14.8-acre site at 7801 Old Plank Road. The Charlotte Housing Authority agreed to issue housing revenue bonds of up to $11.5 million to finance the acquisition, construction and equipping the facility. Brookshire Boulevard I, LLC will be the developer.
The development comes a year after 100 units of affordable housing were approved on Mt. Holly-Huntersville Road across from Cooks Memorial Presbyterian Church. That project was met with opposition from neighbors and when presented to the city council, members Tariq Bokhari and James Mitchell opposed the proposal.
But the developments, despite bringing added traffic, were approved as measures to address the city’s “affordable housing crisis,” which was in part addressed in November when Charlotte voters approved a $50 million bond referendum.
Last year representatives from the Crescent Communities development firm said Mecklenburg County faced a deficit of 22,000 affordable housing units, and nearly half of its residents are cost-burdened. The Charlotte Housing Authority states that severe rent burden is defined as paying more than 50 percent of one’s income for housing rental.