Across the country from Microsoft's $500 million investment to create more affordable housing in Seattle, three financing institutes pledge $70 million for Charlotte's housing. Investments like these, from organizations outside of housing, underline the importance of the housing situation.
Three of Charlotte’s largest financial corporations are planning to invest more than $70 million to increase the affordable housing stock in the city and its surrounding areas.
Ally Financial, Bank of America and Barings announced the investment Tuesday morning. According to the companies, the investment breaks down into four main components:
$11 million that will go toward the newly proposed Housing Opportunity Investment Fund — a private sector fund that will oversee some of the affordable housing projects. The city is hoping to raise $50 million of private money for this fund to match the $50 million in housing bonds that were approved by voters last November. The city has already raised $21 million in private funds, with Tuesday’s investment coupling with $10 million pledged by the Foundation for the Carolinas and Wells Fargo.
The private fund will be managed by Local Initiatives Support Corporations, or LISC, a New York-based nonprofit hired by the city.
