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Chapel Hill Affordable Housing Apartment Development Named a Winner

Post Date:01/18/2019 2:12 PM
GREENFIELD PLACE

Nonprofit community developer DHIC, Inc. has been named a winner for the Greenfield Place affordable housing development completed in a unique partnership with the Town of Chapel Hill.

The 80-unit affordable apartment community is among the developments honored by the Triangle Business Journal (TBJ) for the Triangle market’s top developments in the 2019 Space Awards. According to TBJ, about 100 nominations were submitted for this year’s awards in a number of categories.

“Greenfield Place is the outcome of years of planning and partnership-building,” said Mayor Pam Hemminger. “It is truly representative of the Town’s commitment to expanding quality affordable choices for families, working parents, seniors and people with disabilities who live in Chapel Hill.”

Completed in late 2017, apartments at Greenfield Place are reserved for households who earn less than 60 percent of area median income, or $48,360 for a family of four in Orange County. Rents range from $271 to $870 depending on the number of bedrooms and household income. Occupations of current residents include child care workers, health care aides, food service workers and retail employees. 

 

Affordable Rental Housing Strategy

The price and availability of developable land in this desirable university town have been escalating barriers to affordable housing development. Recognizing the need to solve this problem, the Town of Chapel Hill in 2013 adopted a community-informed affordable rental housing strategy and forged a path forward.

 

A Unique Partnership

Among its strategies, the Town reviewed some of the vacant land that it owned to determine whether these underutilized properties could be developed into affordable housing.  This effort led to a unique partnership with non-profit DHIC, Inc. to pursue two Low-Income Housing Tax Credit (LIHTC) developments on Town-owned land on Legion Road, near public transit, schools, jobs and amenities.

The Town donated the land, facilitated entitlements, waived impact fees, expedited the permitting process, and provided $145,500 in grant funds from the Town’s affordable housing fund.

DHIC assembled the development team and secured $12.6 million in project financing, including $8.2 million in LIHTC equity; a $2.8 million loan from the SECU Foundation; a $1 million loan from the NC Housing Finance Agency, $154,500 from Orange County, and its own capital resources. DHIC committed to own and operate Greenfield Place for a minimum of 30-years per Town guidelines, but fully anticipates preserving affordability well beyond the required period.

 

Coming Next

The second phase of this development partnership, Greenfield Commons, is currently under construction and will offer 69 apartments restricted to limited-income seniors. The Town provided an additional $700,000 from the Affordable Housing Development Reserve to support the second phase of this development.

 

More Information

Since 1974, DHIC www.dhic.org has demonstrated the importance of connecting people with safe, affordable, and desirable homes in the Triangle region of North Carolina.

Find out more about the Town of Chapel Hill’s efforts increase access to housing for individuals across a range of incomes at https://www.chapelhillaffordablehousing.org/

 

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