City of Charlotte Passes FY2025 Budget

What It Means for the Apartment Industry

The Charlotte City Council officially adopted its FY2025 Budget earlier this month. While the focus remained on maintaining essential city services and improving infrastructure, several key highlights may be of interest to GCAA members.

· No property tax rate increase
· $50 million allocated to affordable housing efforts, including funding for the Housing Trust Fund.
· Investments in public safety, including hiring for CMPD and Fire Department positions.
· Increased funding for climate resilience and sustainability, including efforts to mitigate extreme heat effects.
· Continued investment in public transportation/infrastructure, with a focus on walkability and transit corridors.

GCAA will continue monitoring how housing-related investments are implemented, especially those involving rental assistance, development incentives, and heat mitigation strategies.