Acting HUD Secretary Adrianne Todman Visits Charlotte

Published on August 08, 2024

The City of Charlotte, in partnership with DreamKey Partners, hosted Department of Housing and Urban Development Acting Secretary Adrianne Todman.

Located in the North Graham/North Tryon Corridor of Opportunity along Statesville Avenue, Brightwalk is a 98-acre, transformative, mixed-income and mixed-use development that has revitalized the area into a dynamic and thriving urban neighborhood.

Acting HUD Secretary Todman toured this area and learned about a variety of features that helped transform the neighborhood into a vibrant, accessible and welcoming urban environment:

• 855 New Mixed-Income Residential Units: Brighwalk offers a diverse range of housing options to cater to various income level, promoting inclusivity and a balanced community structure.
• Infrastructure Enhancements: Significant improvements have been made with the construction of new roads, sidewalks and street amenities. A new bridge has also been added to improve connectivity and accessibility.
• Parks and Green Spaces: In collaboration with Mecklenburg County Park and Recreation, Brighwalk has introduced parks, greenways and open spaces.
• Health and Child Care Facilities: The relocation and upgrading of Double Oaks Child Development Center and a swimming pool, along with the establishment of the Michael Jordan Family Medical Clinic, highlight Brightwalk's commitment to enhancing community facilities.

Supported by over $14 million in federal investment, Brightwalk's success is a model for community revitalization.

Affordable Housing Initiatives

Integral to Brightwalk's vision of inclusivity are its affordable housing developments:

• The Alexander: Completed in 2010, this development offers 96 affordable units to households earning at or below 50% of the area median income (AMI). The Alexander plays a crucial role in supporting mixed-income housing and is supported by the city's Housing Trust Fund and federal Low-Income Housing Tax Credits.
• The Stephenson: Finished in 2017, The Stephenson provides 130 affordable units for households earning at or below 60% AMI. These units will remain affordable for at least 40 years, ensuring long-term housing stability for its residents. It received substantial support, including $500,000 in HOME funds, $750,000 from the city's Housing Trust Fund, and federal Low-Income Housing Tax Credits.

Brighwalk offers both multifamily housing and homeownership opportunities. For many, homeownership offers numerous benefits beyond just having a place to live.

• Wealth Building: Purchasing a home helps residents build wealth. Over time, as property values appreciate, homeowners earn equity, which can contribute to their overall net worth and provide financial security for retirement or education for their children.
• Tax Advantages and Credit Building: Homeownership often comes with tax benefits and can positively impact your credit
• Cost Stability: Owning a home generally provides more stable housing costs compared to renting, which can protect against rental increases and potential displacement.
• Community Engagement: Homeownership fosters a sense of community, encouraging residents to engage more deeply with their neighborhoods.
• Personalization: Owning a home allows for customization, which can be particularly important for families, seniors and those with specific needs.

Navigating the Path to Homeownership

While the current market presents challenges, homeownership remains a valuable investment. Preparing for this significant financial commitment involves careful planning, and the city has several resources to help potential homeowners.

• House Charlotte Program: This program offers deferred and forgivable loans up to $30,000 for qualified buyers to cover down payments, closing costs and interest rate reductions. It supports purchases up to $300,000 for existing homes and $315,000 for new constructions. For more details, visit House Charlotte.
• Housing Counseling Services: The city provides counseling on financial literacy, pre-homeownership preparation and foreclosure prevention. These services cover budgeting, credit repair, mortgage loan approval and more. Learn more at Charlotte Housing Counseling.