Winston-Salem city officials are considering creating a fund to address rising rents and the lack of affordable housing options.
According to a 2018 study, there is a shortage of more than 16,000 affordable rental homes in the city. Officials voted in a committee meeting in October to allow city staff to research developing a housing trust fund.
The initiative is a publicly financed program designed to increase housing options. Affordable housing is sometimes defined as a family spending no more than 30% of their income on shelter.
Councilmember Jeff MacIntosh said at the meeting that there needs to be a sense of urgency.
"We've studied and studied and watched the cost of housing go up dramatically," he said. "The more we stall, the more it takes money out of our constituents' pockets."
A formal proposal is expected to come before the city council by early next year. According to the city, the fund could create units to serve households making less than 80% of the area median income, or around $50,000 for a family of three.
Other cities in North Carolina have created similar local funds including Charlotte in 2001, and Asheville in the year 2000.