Title
Affordable Housing Funding Policy
Action
Action:
Approve updates to the Affordable Housing Funding Policy, which establishes housing funding goals, investment priorities, and funding allocation goals to guide the city’s housing investments, as recommended by the Housing Committee.
Body
Committee Chair:
LaWana Mayfield, Housing Committee
Staff Resource(s):
Raquishela Stewart, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
§ The city’s adopted FY 2027 budget increased the proposed 2026 Housing Trust Fund (HTF), from $100 million to $125 million.
§ To help guide this historic housing investment, the Mayor charged the Housing Committee with recommending updates to the Affordable Housing Funding Policy (Policy), including goals and outcomes, investment priorities, and HTF funding allocation goals, while considering the impacts of future Mobility Plan investments.
§ The city’s affordable housing funding goals are economic mobility, neighborhood affordability, and residential stability.
§ The updated Policy supports the following priorities for the 2026 bond cycle:
- Priority populations - Focus investments on homebuyers, lower-wage workers, households at risk of displacement, and vulnerable populations, with an emphasis on serving households with the greatest affordability needs.
- Location priorities - Prioritize locations where investment expands housing choice and creates the greatest impact, including areas affected by current or planned transit and other public or private investments.
- Resident services - Connect housing investments with meaningful resident services that support economic mobility, neighborhood affordability, and residential stability.
- Partnerships and leverage - Expand partnerships, leverage public, private, and philanthropic resources, and encourage greater private market participation in affordable housing.
- Innovation - Support innovative and scalable approaches to affordability, including new housing models, construction methods, building designs, and energy-efficiency improvements that can reduce housing and development costs.
§ The updated Policy establishes the following investment categories and allocation goals, dependent on the outcome of the 2026 bond referendum:
- Rental Housing Production - $38 million
- Homeownership - $31 million
- Rental Housing Preservation and Staying in Place - $18 million
- Supportive Housing and Shelter Capacity - $12 million
- Housing Rehabilitation and Emergency Repair - $5 million
- Innovation Pilot Fund - $5 million
- Site Acquisition and Assemblage - $10 million
- Energy Efficiency and Sustainability Improvements & Retrofits - $4 million
- Administration and Evaluation - $2 million
§ The updated Policy also establishes a $25 million investment goal for Mobility+ investments, including anti-displacement approaches that help residents remain in or return to areas affected by current or planned transit and other public or private investments, and a goal of no less than $35 million for affordable housing investments in high-opportunity areas with historically low levels of affordable housing investment.
Background
§ On September 9, 2024, City Council adopted the Affordable Housing Funding Policy.
§ In 2025, Mecklenburg County voters approved a funding source for the Mobility Plan, estimated to generate $19.4 Billion for transportation and transit projects over the next 30 years. This transformational investment has intensified concerns about potential displacement in transit corridors.
§ The Housing Committee (Committee) introduced the February 2026 policy referral to recommend updates to the Policy on February 2, 2026, and discussed and refined Committee recommendations at the March 5, June 1, July 27, August 3, and August 11, Committee meetings.
§ On September 8, 2026, the Committee voted unanimously (Mayfield, Johnson, Mayo, Mazuera Arias, Owens) to advance Policy updates to full Council for consideration.
§ On September 28, 2026, City Council received the Committee’s recommendations for discussion and consideration.
Attachments
Attachment(s)
September 28, 2026, City Council Presentation
Affordable Housing Funding Policy Guidelines - Redline