Naturally Occurring Affordable Housing Acquisition, Rehabilitation, and Subsidy Program

Through the Pilot Naturally Occurring Affordable Housing (NOAH) Subsidy Program, the City of Charlotte helps developers acquire and preserve NOAH properties by providing them with an annual rental subsidy for a minimum of 20 years — or the duration of a deed restriction — at an amount not to exceed the city’s annual property tax bill.

After the expiration of the 20-year deed restriction, investors in the HIF agreed to allocate 60 percent of funds from future sales of properties acquired through the HIF to a separate fund dedicated to preserving long-term affordability. The subsidy is then used to cover the difference between what an LMI household can afford and the rent on the unit.