The Chapel Hill Town Council has approved $5.25 million in funding to support the development of 278 new affordable homes in Chapel Hill.
The Chapel Hill Town Council has identified affordable housing as one of its strategic goals and is implementing a comprehensive plan to preserve and increase the availability of affordable housing. The approval of the $5.25 million funding plan is a major step in the Town’s efforts to reach its affordable housing goals.
The Town Council approved funding awards from the Town’s Affordable Housing Bond and Affordable Housing Development Reserve. In November 2018, Chapel Hill voters approved a $10 million Affordable Housing Bond Referendum. This approval is to use the first $5 million of those funds. Another round of Bond funding is anticipated within the next two years.
“The Town and our community partners are working hard to provide more affordable housing that meets many, diverse needs, “said Mayor Pam Hemminger. “We are thankful for the communities’ support of the Affordable Housing Bond and the dedicated annual affordable housing monies and are excited to be using those funds to move forward on creating 278 new homes in Chapel Hill.”
The approved funding plan will support five new affordable housing development projects that anticipate adding 278 new affordable homes in Chapel Hill. These projects will provide homeownership and rental opportunities for households with a range of incomes, including extremely low-income households.
Approved Funding Plan:
Find out more about the Town of Chapel Hill’s affordable housing efforts at https://www.chapelhillaffordablehousing.org/
