The Longleaf Trace affordable housing community in Chapel Hill has received a 2024 Low-Income Housing Tax Credit award from the North Carolina Housing Finance Agency. The development team for the project is led by the Taft-Mills Group who is partnering with Community Home Trust to develop the 48-unit project serving seniors earning less than 60% of the Area Median Income.
The project is the first local project to receive approval using the Town’s Residential-Community Priority-Conditional Zoning District (R-CP-CZD), which offers an expedited development review process for residential projects that include at least 25% of units as affordable. The Town Council approved the streamlined process in 2023, and it allowed the Longleaf project to adhere to the tight application timeline required for a 9% LIHTC application.
The Town also allocated $1.01 million in affordable housing funding to the project, which will be leveraged by more than $11 million in tax credits. The developer anticipates starting construction by fall 2025 and completing the project by Winter 2027.
