The Chapel Hill Town Council recently unanimously approved an Affordable Housing Plan and Investment Strategy (the Plan). The Plan outlines the key areas of focus for the Town’s affordable housing work over the next five years and the resources needed for implementation.
“Council’s unanimous approval of our Affordable Housing Plan and Investment Strategy represents a bold step forward in the Town’s affordable housing work,” says Sarah Viñas, Director of Affordable Housing and Community Connections. “This is the first comprehensive affordable housing plan and investment strategy in the Town’s history. Implementing the Plan will expand on our long-standing strong commitment to affordable housing. It will also further center racial equity and our new Complete Community Framework in our work going forward.”
The Plan estimates that implementing the recommended activities and funding will support the development of as many as 900 new affordable homes. It will also preserve as many as 400 affordable homes over the next five years.
Learn More about the Affordable Housing Plan
The Plan summarizes key housing challenges facing the Town and affordability gaps. It also includes specific recommendations to complement the Town’s already robust affordable housing program, which fall into four goal areas:
Decrease barriers to building homes
Expand and preserve affordable homeownership
Expand and preserve affordable rental housing
Increase staffing and funding capacity
The Investment Strategy estimates the Town will need $50 million over the next five years to implement the Plan.
View the approved Affordable Housing Plan here. Staff are now in the process of incorporating the Plan recommendations into their affordable housing workplan and exploring options for implementation of the Investment Strategy.
