Chapel Hill voters will consider an Affordable Housing Bond Referendum in November. The referendum asks residents to vote on utilizing up to $10 million in general obligation bonds for affordable housing.
why will an affordable housing bond referendum be on the ballot?
One of the Town's priorities is to make Chapel Hill a Place for Everyone. In order to achieve the Town's priority, housing for persons of low and moderate income is needed.
75% of existing housing in Chapel Hill is not affordable to households making below 80% of the Area Median Income ($64,500 for a family of four)
Over half of the renters in Chapel Hill are cost burdened
Over 75% of extremely low income households in Chapel Hill are extremely cost burdened
What would the $10 million be used for?
It is expected the bond funds would be used towards the development and preservation of 700 affordable housing units.
400 new affordable housing units developed
300 existing affordable housing units preserved
There are three main categories of eligible uses of the proposed bond funds:
Construction of new affordable housing
Preservation of existing affordable housing
Acquisition of property to be used for affordable housing
What is affordable housing?
A home that costs no more than 30% of a household’s income.
Affordable housing typically serves households below 80% of the Area Median Income, which for a family of four in Chapel Hill is $64,500 a year.
What is a Bond Referendum?
A voting process that gives voters the power to decide if a municipality should be authorized to raise funds through the sale of bonds.
Payment on the bonds is expected to require an estimated tax increase of a penny per $100 of property value.
More on Voting
orangecountync.gov or 919-245-2350