Wednesday November 16, Chapel Hill Town Council approved a $9.1 million funding plan that will support almost 300 new affordable homes through five affordable housing development projects. These projects will provide homeownership and rental opportunities for households with a range of incomes, including extremely low-income households.
“This is a great day for Chapel Hill,” said Mayor Pam Hemminger. “We are fortunate to work alongside a number of community partners that are working to address the need for affordable housing in our town, and we are thrilled to be able to support their efforts. The funding approved this week will support a wide range of housing types and income levels in order to meet the diverse needs in our community.”
Each project will be along a Chapel Hill Transit line and/or within proximity of downtown. These projects will support the Town’s workforce and continue to advance the effort to make Chapel Hill a place where everyone can live, work, and play.
“The approval of the funding plan is a major step in the Town’s efforts to reach its affordable housing goals and provides an unprecedented level of support for affordable housing projects initiated by the Town and local partners,” said Sarah Viñas, Director of Affordable Housing and Community Connections.
The new affordable housing units will increase the Town’s supply of permanently affordable housing by more than 25%. The funding plan also provides rental subsidies for some of the hardest-to-serve households through a local master leasing program.
Town Council approved funding awards from the Town’s Affordable Housing Bond, Affordable Housing Development Reserve, American Rescue Plan Act (ARPA), and Affordable Housing Fund.
