Town Accepting Applications: $1.75 million Available to Create Affordable Housing Opportunities
Post Date:03/19/2020 3:30 PM
Public Notice: While we focus on the ongoing response to COVID-19 including social distancing practices, the Town of Chapel Hill continues to the extent possible municipal services, plans and processes. Information available at www.townofchapelhill.org/COVID19
The Town of Chapel Hill is accepting applications to create affordable housing opportunities in the community through noon Friday, May 1, 2020.
Awards will be made from the Town’s Affordable Housing Bond and Affordable Housing Development Reserve (AHDR). In November 2018, Chapel Hill voters expressed their overwhelming approval of an Affordable Housing Bond Referendum. $1.5 million of the Bond funds is planned to be made available to outside agencies for the creation and preservation of affordable housing in Chapel Hill. Eligible uses of the Bond funds are:
Outside agencies may also apply to the AHDR. There is currently $250,000 available for this application period. Since its creation, the Town has supported the development of 294 units of affordable housing with funding from the AHDR. The total funding available this fiscal year in the Affordable Housing Development Reserve was $688,395. Eligible uses of AHDR funds are:
Land bank and land acquisition
Rental subsidy and development
Homeownership development and assistance
Future development planning
The Town’s Housing Advisory Board will evaluate applications and their recommended funding plan will be presented to the Town Council for final approval in May 2020. This is subject to change, based on the impact of COVID-19. To access the funding application and learn more, visit https://bit.ly/2vDWWne.
This is the first round of Bond funds being made available. Another round of Bond funding is anticipated within the next two years.