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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?

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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:

  1. Construction of new affordable housing

  2. Preservation of existing affordable housing

  3. 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

 

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