Charlotte may have cracked the code on affordable housing. Here’s how
“The Lake Mist apartment complex in Charlotte was in danger, and so were its residents. A cluster of two story brick-and-tan buildings near a busy commercial corridor, the 144-unit complex was one of a dwindling number of rental options available to residents making less than the area’s median income. It’s not a public housing development or an official affordable housing project, but Lake Mist, with rents starting around $600 per month, is, de facto, part of Charlotte’s affordable housing stock. But its rents weren’t likely to stay so low for long, and real estate investor Mark Ethridge wanted to do something about it.”