Combined funding strategies are key to achieving new affordable housing

BRC co-hosts expert panel to explain available options, programs, policies  

Charlotte, May 2, 2024 – Good intentions alone won’t bring affordable housing to cities like Charlotte that sorely need it. According to industry experts, it takes an array of tax credits, local incentives, loan programs, lease options, bond deals, grant funding, private equity, plus an experienced team to coordinate the financial pieces and help the developer understand the contractual terms and timelines. A few of those knowledgeable team members — lawyers, accountants and lenders who specialize in affordable housing — shared their insights Thursday at Affordability & Commercial Growth in Charlotte’s Real Estate Landscape, a panel event in Charlotte.  

“In today’s environment, building a sustainable urban future is tied closely to ensuring a supply of affordable housing and related investments in cities like Charlotte,” said Laura Ward, CPA and Principal at BRC.  

Because permanent debt and equity are not enough to cover development costs, developers want to learn what other tools are available. “Intensive coordination occurs with these deals, which is why it takes a village to get to the finish line,” says Ward, who moderated the discussion.  

Charlotte is not alone in its need to increase affordable units, but demand there exceeds the state average. According to recent data, 32% of rental households in Mecklenburg County are considered cost burdened (spending more than 30% of their income on housing), compared to 28% statewide.   

Panelists included Erica Vernon, Affordable Housing Industry Leader, Partner, BRC; Patrick Russell, SVP, Affordable Housing Relationship Manager, BankOZK; Brian Flanagan, Regional Director, RBC Community Investments; Jack Santaniello, Attorney, Partner, Shumaker, Loop & Kendrick, LLP; and Michelle Peltz, Attorney, Partner, Shumaker, Loop & Kendrick, LLP.  

The seminar was sponsored by BRC and BankOZK. For more information, visit BRC, Bank OZK or Shumaker, Loop & Kendrick.