The Mecklenburg Board of County Commissioners voted unanimously on August 4th to approve Davidson Housing Coalition's request for a 10-year $300,000 grant for rent subsidies for the eight townhomes that DHC will purchase within the Hoke Townhome development on Jetton Road in Davidson. DHC will make these eight units permanently affordable rentals. They will be distributed throughout the development and managed by DHC.
Program Manager of Mecklenburg County's Affordable Housing Initiatives LaShonda M. Hart says, "The collective impact this collaboration will bring to The Town of Davidson is an example of how sharing a common goal to find creative solutions for affordable housing through rental subsidies can be successful." Executive Director, Gerald Wright, says, "The County Commissioners' approval is great not only for the Hoke Development and DHC, but is also a major step forward for affordable housing in our region."
The County funds will be used to pay the difference between what the renter can afford and the going rental rate. "This generous grant from the County gives us confidence that we will be able to raise additional funds to expand our subsidy program to other local rental properties in order to serve more people whose incomes qualify them for affordable housing," Wright reports. "With generous grants and donations, our ability to match rental properties with deserving households can expand beyond those rental properties that are actually owned by DHC."
The supply of local affordable rentals is a common limitation on families' abilities to emerge from housing insecurity and become more financially self-sufficient. As an innovative strategy to expand the number of rental units that are affordable for people earning less than 80% of area median income (AMI) in our community, DHC has been exploring opportunities to fund its new local rental subsidy initiative, which it has named Affordable for US. "While we continue to explore opportunities to add additional affordable housing units on the ground, the County Commissioners' approval of this $300,000 grant allows us to subsidize existing housing opportunities – making them Affordable for Us" adds Wright.
DHC is located at 220-A Sloan St. in Davidson. For more information, visit www.davidsonhousing.org.
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