Chapel Hill Approves Affordable Housing Bond
Chapel Hill voters expressed their overwhelming approval of an Affordable Housing Bond Referendum on Tuesday, November 6. The Bond was approved by 72% of voters.
“We are grateful for our community’s support of this important effort to create a place for everyone in Chapel Hill,” said Mayor Pam Hemminger.
The referendum approves $10 million in general obligation bonds to help the Town achieve its strategic plan for developing 400 new affordable housing units and preserve 300 existing affordable units over the next five years. The Town anticipates using the bond funding to support several large-scale affordable housing projects including public housing redevelopment and development on Town-owned parcels.
Requests for Proposals will also be issued in order to fund projects developed by regional affordable housing partners. The priorities established in the Town’s Affordable Housing Plan will guide the selection of the bond-supported projects. The Chapel Hill Town Council will have final approval of all projects.
The Chapel Hill Town Council approved three eligible activities for use of Affordable Housing Bond Funds:
- Home Repairs
- New Construction
The Council also approved the following priorities for use of funds:
- Rental housing serving households less than 60 percent of the area median income (about $48,300 for a household of 4)
- Rental housing serving vulnerable populations
- Housing that achieves long-term affordability
- Housing located near transit services
- Projects that leverage other financial resources
What’s next for the bonds and affordable housing?
The Town has seven years from the date of the election to issue the bonds. The Town and the Council will follow a process established by the Local Government Commission prior to accessing affordable housing bond funds. The first step will be Council discussion and approval of a resolution certifying and approving the referendum results (January 2019),
Projects will be evaluated and approved by the Town Council.
More information about the Affordable Housing Bond Referendum and next steps for the Chapel Hill Affordable Housing Bond can be found at www.chapelhillaffordablehousing.org/bond