Town Approves $5.25 Million Affordable Housing Funding Plan to Add 278 Affordable Homes
Post Date:06/26/2020 3:41 PM
The Chapel Hill Town Council has approved $5.25 million in funding to support the development of 278 new affordable homes in Chapel Hill.
The Town Council approved funding awards from the Town’s Affordable Housing Bond and Affordable Housing Development Reserve. In November 2018, Chapel Hill voters approved a $10 million Affordable Housing Bond Referendum. This approval is to use the first $5 million of those funds. The $250,000 comes from the Affordable Housing Development Reserve. Another round of Bond funding is anticipated within the next two years.
“The Town and our community partners are working hard to provide more affordable housing that meets many, diverse needs,” said Mayor Pam Hemminger. “We are thankful for the community’s support of the Affordable Housing Bond and the dedicated annual affordable housing monies and are excited to be using those funds to move forward on creating 278 new homes in Chapel Hill.”
The approved funding plan will support five new affordable housing development projects that anticipate adding 278 new affordable homes in Chapel Hill. These projects will provide homeownership and rental opportunities for households with a range of incomes, including extremely low-income households.