Foundation for the Carolinas Adds New Commitments, Dollars To Affordable Housing Effort

The Foundation for the Carolinas’ massive effort to aid Charlotte, North Carolina in its quest to fund affordable housing is inching closer to its goal of $50 million.

The foundation recently announced that it secured new private sector commitments for its Charlotte Housing Opportunity Investment Fund. Atrium Health will commit $10 million to the fund for affordable housing in Mecklenburg County, and an additional $10 million will come from Fifth Third Bank. According to a statement from the foundation, Fifth Third Bank’s commitment consists of $3 million to the private-sector fund and $7 million in planned investments and loan initiatives.

The foundation also announced a gift of three acres of land from David and Scott Brooks, to be used for 18-24 townhomes that will be available for homeownership through Habitat for Humanity. The Brooks’ own a popular local sandwich shop.

“These commitments march us one step closer to boosting the state of affordable housing in our community,” said Foundation For The Carolinas President and CEO Michael Marsicano. “To succeed, it is critical that we have strong community partners who are committed to this cause and are leading by example. We are grateful for the extraordinary generosity of Atrium Health, Fifth Third Bank and David and Scott Brooks.” 

The Foundation for the Carolinas previously announced it had secured more than $30 million in matching funds for the effort, to accompany the Charlotte’s commitment to affordable housing, after voters approved a $50 million bond referendum for their city to invest in affordable housing. The city and surrounding Mecklenburg County face a deficit of more than 20,000 affordable housing units.

The funds support a combination of new affordable housing construction, support for existing affordable housing infrastructure, and lowered interest rates.