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House symbol with silver keys on abstract background. Real estate concept

Source: Leszek Kobusinski / Getty

On Monday night, the Charlotte City Council is set to vote on a proposal to sell over four acres of land to developers aiming to construct affordable housing units on the site.

According to WBTV, despite the city’s initial investment of millions to acquire the property, the proposed sale price stands at a symbolic one dollar.

Situated along Reagan Drive near I-85 and West Sugar Creek Road, the parcel was previously occupied by the Economy Budget Inn motel, notorious for criminal activities including robberies, shootings, and homicides. In April 2023, the city purchased the land for $4.2 million and subsequently demolished the motel. Now, the city intends to transfer ownership to Prosperity Hidden Valley.

Under the terms of the agreement, the developer is obligated to construct a minimum of 39 new townhomes targeted at families earning up to 80% of the area’s median income. For a family of four, this equates to just under $80,000 annually.

Read the full story here

Charlotte Leaders to Consider Land Sale for Affordable Housing  was originally published on 1053rnb.com