Four North Carolina cities and towns will vote on housing bond proposals in the 2024 general election. (Photo: Clayton Henkel)
Voters in at least four North Carolina cities and towns will be asked to approve affordable housing bonds totaling $165 million in this year’s general election.
In Charlotte, voters have been asked to approve a $100 million housing bond the majority of which—$35 million—will go toward producing rental housing. The bond ask doubles the $50 million housing bond Charlotte voters approved in 2022.
The second largest share of the Queen City bond would go toward helping to improve homeowner opportunities.
Vice President Kamala Harris has made affordable housing a key part of her campaign for president. Harris has pledged to create $25,000 downpayment assistance program for first-time homebuyers. First-time homebuyers who have paid rent on time for two years would be eligible for the downpayment assistance.
If approved, Charlotte’s housing bond would also provide $14 million for rental housing preservation and anti-displacement; $9 million for supportive housing and increasing shelter capacity and $5 million for building rehab and emergency repairs.
The Town of Cary is asking voters to approve a $30 million housing bond to support affordable housing initiatives.
The bond would support programs and initiatives in the Cary Community Plan vision and 2021 Cary Housing Plan. Those goals include new housing opportunities, preservation of existing housing, housing instability support, and nonprofit partnerships. The bond funds would finance housing initiatives that target residents who earn up to 60% and up to 80% of the area’s median income.
In Asheville, voters are being asked to approve a $20 million housing bond to supplement the city’s Housing Trust Fund, which offers low-or no-interest loans to groups that make investments in affordable homes; support homeownership through down payment assistance and purchase land and existing homes for future affordable housing. A portion of bond funds would also support homeownership through home repair programs.
The bond issue in Asheville comes as the city and western North Carolina struggle to recover from Hurricane Helene. It is estimated that the historic storm caused nearly $15 billion in damage to the region’s housing stock.
Meanwhile, a $15 million housing bond in Chapel Hill would support development of affordable housing projects that align with the Town’s Affordable Housing Plan and Investment Strategy. Projects funded through this bond order may construct new affordable housing, preserve existing affordable housing, or acquire property to be used for affordable housing. Bond funds would also allow the town to leverage state and federal funding as well as local and regional partnerships.