The Town of Chapel Hill has released funding applications for affordable housing projects financed with nine-percent Low Income Housing Tax Credits (LIHTC). Applications are due at noon Wednesday, April 6. Awards will be made from the Town’s Affordable Housing Bond and contingent on the project receiving a nine-percent LIHTC award in 2022.
In November 2018, Chapel Hill voters expressed their overwhelming approval of a $10 million Affordable Housing Bond Referendum. The first $5 million of the bond has been allocated and will assist five organizations to develop about 275 affordable housing units.
The process for allocating the remaining $3+ million of the bond funds is planned to kick-off in late summer 2022 to create and preserve affordable housing in Chapel Hill.
The Town’s Housing Advisory Board will evaluate applications, and their recommended funding plan is scheduled to be presented to the Town Council for final approval in early May 2022. To access the funding application and learn more, visit https://bit.ly/2vDWWne.
