Title
City-Owned Properties for the Development of Affordable Housing
Action
Action:
Authorize the City Manager and staff to work with recommended affordable housing developers to finalize the preliminary affordable housing proposals and negotiate conveyance of the following vacant city-owned properties for the development of affordable housing:
- 3924 and 3932 Freedom Drive, (parcel identification numbers 063-052-04 and 063-052-05), conveyance to True Homes and Prosperity Alliance, and
- 7825 Tyner Street (parcel identification number 047-221-11), conveyance to Camino Community Development Corporation.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Michael Englehart, Housing and Neighborhood Services
Explanation
§ On November 26, 2024, the city issued a Request for Proposals (RFP) to solicit proposals for affordable or mixed-income housing development on city-owned land.
§ The use of city-owned land allows for additional leveraging of the city’s housing resources, such as the Housing Trust Fund. This strategy is a best practice used across the country to assist in expanding the supply of affordable housing and is consistent with the Council approved Housing Charlotte Framework, Affordable Housing Funding Policy, City-Owned Real Estate and Facilities Policy, and the Guidelines for Evaluation and Disposition of City-Owned Land for Affordable Housing.
§ In response to the RFP, three development proposals were received for the Freedom Drive and Tyner Street parcels (one for the Freedom Drive parcels, and two for the Tyner Street parcels).
§ The recommended developers and proposed preliminary developments are best qualified to maximize affordable housing opportunities and meet the city’s goals and priorities, as follows:
- Freedom Drive
§ Parcel identification number(s): 063-052-04 and 063-052-05
§ Council District: 2
§ Appraisal: An appraisal of the property completed in July 2024, established a fair market value of $728,000
§ Recommended Developer: True Homes and Prosperity Alliance
§ Development Type: Homeownership
§ Conveyance Method: Fee simple warranty deed
- Tyner Street
§ Parcel identification number(s): 047-221-11
§ Council District: 4
§ Appraisal: An appraisal of the property completed in August 2024, established a fair market value of $681,275
§ Recommended Developer: Camino Community Development Corporation (in partnership with True Homes)
§ Development Type: For-Rent Townhomes and Transitional Housing
§ Conveyance Method: Long-term ground lease
§ The conveyance of the properties to the recommended developers will be conditioned upon the developers finalizing their project plans to the satisfaction of the city, including the identification and commitment of all necessary funding needed to finance the projects. Once complete, the final resolutions to convey the properties will be brought before City Council for consideration and adoption.
City Council Discussion
§ City Council received staff recommendations for the Freedom Drive and Tyner Street city-owned properties at the April 14, 2025, City Council Business Meeting.
Attachments
Attachment(s)
April 14, 2025, Action Review Presentation