The housing committee advanced the funding to the full council with a 4-0 vote on March 5.

If approved, 100 rent-restricted units would be kept affordable for 60 years, another 100 for 20 years, with the new owner offering veterans housing and supporting current residents.

The Charlotte City Council is weighing a $3.5 million Housing Trust Fund investment to acquire the 1001 Tyvola Apartments, a 297-unit complex near Tyvola Road and Old Pineville Road, with rent restrictions to keep 200 units affordable.

If approved, rent limits would be locked in for 200 of the units, preserving affordability amid rising rents and near the LYNX Blue Line corridor.

The project targets NOAH at risk from nearby development and transit-led growth, and includes plans to offer units to homeless veterans with in-house support services.

The proposal aligns with city goals to support vulnerable residents by prioritizing housing for homeless veterans.

The meeting is today at 4 p.m. at the Charlotte-Mecklenburg Government Center and will be livestreamed on YouTube and the GOV Channel.

Today’s agenda also covers street vending changes, a proposed FY 2027 budget for Charlotte Area Transit System, and plans to host the Stellar Awards.

The initiative focuses on preserving NOAH in a fast-changing area, with emphasis on corridors near the Blue Line to prevent displacement.

A public hearing is part of the Housing and Community Development Annual Action Plan for 2027, reflecting ongoing efforts to address Charlotte’s housing challenges.

The proposal requires an appraisal of at least $71.9 million and a successful physical inspection before the full council vote, following Housing Committee approval.

An additional 100 units would remain affordable for at least 20 years before potentially transitioning to market rates, with veterans-designated units and in-house supportive services.