On June 21, the Town Council approved the Eastowne development, a project of UNC Health to expand their existing medical office facilities at the Eastowne campus in Chapel Hill. As a condition of the approval, UNC Health committed to providing $5 Million to the Town to establish an Affordable Housing Revolving Loan Fund.
The Affordable Housing Revolving Loan Fund will be used to preserve and create between 500-1,000 units of affordable housing in Chapel Hill. The Fund will leverage substantial additional resources from other sources and allow the Town to establish a loan fund of $20-40 Million.
"The Town is thrilled to see UNC Health come to the table as a partner to address our community's affordable housing challenge in such a meaningful way," says Sarah Vinas, Director of Affordable Housing and Community Connections. "This is an unprecedented level of investment in affordable housing by an institutional partner that will allow the Town to preserve and build hundreds of units of affordable housing in the community."
Affordable Housing and Community Connections will soon move forward with selecting a Fund administrator and work to secure additional contributions to the Fund.
