CHARLOTTE, N.C. — Charlotte City Council is considering a proposal Monday night to sell nearly $1 million worth of city-owned land for just $1 as part of an effort to create affordable homeownership opportunities along Freedom Drive.
The proposal involves approximately 1.16 acres at 3924 and 3932 Freedom Drive in Charlotte’s Freedom Drive-Wilkinson Boulevard Corridor of Opportunity.
According to the city’s agenda documents, an appraisal completed July 29 valued the property at $938,000.
Under the proposal, Charlotte would transfer the land to Prosperity Freedom Drive, LLC for $1. The company, an affiliate of Prosperity Alliance, is working with True Homes on the development.
The agreement calls for construction of at least 12 townhomes that would be sold rather than rented.
Three homes would be reserved for households earning no more than 60% of the area’s median income, while nine would be available to households earning no more than 80% of area median income. Sales prices would also be limited by the city’s applicable House Charlotte sales-price limit.
The affordability restrictions would remain in place for 20 years, and the units could not be leased during that period.
City documents say Charlotte is offering the land at the nominal $1 price to make the affordable-housing development financially feasible and reduce the potential need for additional city financial assistance. The development team is not seeking additional grant funding from Charlotte for the project.
The city originally sought proposals for affordable housing development on city-owned properties in November 2024. Two proposals were submitted for the Freedom Drive site, according to the agenda.
City staff selected the Prosperity Alliance and True Homes proposal based on qualifications, experience, cost and responsiveness to the city’s requirements.
The proposed agreement also contains protections for the city.
After a 90-day due-diligence period, closing is expected within approximately another 60 days. The agreement includes a reverter clause that could allow Charlotte to reclaim the property if the homes are not completed and available for occupancy within three years after the deed is transferred.
City Council previously authorized staff in April 2025 to work with the development team to finalize the proposal and terms.
Monday’s action would formally approve the $1 sale and authorize the city manager or his designee to complete the transaction.
The proposal is part of Charlotte’s broader effort to use publicly owned land to increase affordable homeownership as housing costs and residential development remain major issues across the city.