The federal government recently awarded the Town of Chapel Hill $1.5 million to fund the Tanyard Branch Trace project (formerly Jay Street). The funding is awarded through the Community Project Funding program, which provides grants through a congressionally-directed application process to support a wide variety of projects, including affordable housing.
The Town is partnering with Community Home Trust and Taft-Mills Group to design, build, and manage the project on Town-owned land. Council approved the site plan in April 2022, which will include 48 affordable apartments. The project will house households that earn at or below 60% of the Area Median Income (AMI), or about $60,000 for a 4-person household.
Other funding sources include 9% Low-Income Housing Tax Credits from the North Carolina Housing Finance Agency as well as Town affordable housing funding.
The development team is working on securing final permits and expects to break ground in Summer 2024. The project will open in Winter 2026.
For more information, visit the Town’s project webpage.
