The Town has released the first Fiscal Year 2024 Affordable Housing Quarterly Report which highlights the Town’s housing needs and progress towards reaching Council’s affordable housing goals.
Highlights from the Report for the period from July 1 – October 31, 2023 include:
Town Council approved up to 700 housing units in two projects that will include about 130 units (20%) of affordable housing.
Town Council unanimously approved a Comprehensive Affordable Housing Plan and Investment Strategy. The plan maps out the Town’s affordable housing work over the next five years and calls for the dedication of $30-$50 million to support the development of as many as 900 new affordable homes and the preservation of as many as 400 affordable homes.
The Tanyard Branch Trace (Jay Street) affordable housing development project on Town-owned land received a 9% Low Income Housing Tax Credit award from the North Carolina Housing Finance Agency. The award brings more than $10 million in funding to support the development of 48 units on Jay Street. The units will be affordable to households earning less than 60% of the Area Median Income (about $60,000 for a family of four).
A low-income first-time homebuyer closed on a newly developed unit in the Northside Neighborhood and local affordable housing partners managed the preservation of five affordable housing units.
156 Chapel Hill households received assistance through the County-wide Emergency Housing Assistance Program, totaling $502,228 in assistance provided.
