REBIC and Real Estate Industry Partners Join Chamber in Backing Housing Trust Fund Bond Request

In a letter delivered yesterday to Mayor Lyles and members of City Council, REBIC and many of its member associations joined the Charlotte Chamber, the Leading on Opportunity Task Force, the Evergreen Team, and other community organizations in support of the $50 million Housing Trust Fund bond included in the City Manager’s proposed FY 2019 budget.

REBIC, the Charlotte Regional REALTOR® Association, the HBA of Greater Charlotte and other housing groups support this historic Affordable Housing bond as an equitable way to fund affordable housing needs across Charlotte. We will continue to encourage City Council to ensure the bond package is included in the adopted budget, and work with the Chamber and other community and business groups to promote passage of the bond referendum on the November ballot.

The Manager’s proposed budget also includes an additional additional $2.7 million for the ‘A Way Home’ rental assistance program, and $500,000 for an Aging in Place pilot program. This program helps support low-income, senior homeowners who want to continue to live in their home and mitigate potential impacts of the new 2019 property valuation.

The budget includes a one-cent tax increase, which adds $9.8 million in additional revenue to and costs 83 cents monthly for every $100,000 in home value. Three fourths of a penny will help support enhancements in public safety and one fourth will help support the ongoing debt service needed for the affordable housing bonds.

Council will hold a public hearing on the budget next Monday, May 14th, and representatives from many of the above organizations will join Charlotte Chamber CEO Bob Morgan to speak on behalf of the Affordable Housing bond package. Council is scheduled to vote on the budget June 11th.

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