Town staff presented the Fiscal Year 2024 Affordable Housing Mid-year Report to Council on February 14, 2024. The report highlights the Town’s housing needs and provides updates on the Town’s key affordable housing activities as of December 2023.
Highlights from the report for the period from July 1 – December 31, 2023 include:
Council unanimously approved a Comprehensive Affordable Housing Plan and Investment Strategy.
Council approved 1,572 total housing units and 236 affordable units in 4 projects (15%).
The Town awarded $100,000 in funding to the Marian Cheek Jackson Center and Orange County to provide property tax assistance to low-income homeowners.
Council approved the commitment of $715,000 in funding to support the creation of a $20M Affordable Housing Loan Fund.
The Town selected DHIC as the Town’s affordable housing development partner to develop affordable housing on the Town-owned Legion Property.
Council approved a modification to the conditional zoning for the Homestead Gardens project that rightsized the project to the funds available and move toward a fall 2024 construction start.
Tanyard Branch Trace received a 9% Low Income Housing Tax Credit (LIHTC) award for the development of 48 rental housing units on Town-owned land on Jay Street.
The Town supported the development of four affordable units and the preservation of 16 units.
For the remaining half of the fiscal year, staff will focus on working toward key milestones including breaking ground on the redevelopment of the Trinity Court , working with Self-Help to launch the Affordable Housing Loan Fund, and identifying resources to continue implementation of the Affordable Housing Plan.
