Town of Chapel Hill, NC
Home MenuAffordable Housing Bond
Overview
The Town has approved a total of $25 million in bond funding to be used for affordable housing in two different municipal bond referendums. The bonds will allow the Town to borrow general obligation bonds to support capital investments in affordable housing projects.
Eligible Activities
Eligible activities for affordable housing bond funding include:
- Construction of New Affordable Housing
- Land Acquisition
- Rehabilitation and Redevelopment
The bond will follow the same priorities as the Town’s local Affordable Housing Funding Program (AHFP). Additional details and guidance are included in the Local Affordable Housing Program Allocation Strategy and the Affordable Housing Funding Guide.
Funding Application
On June 26, 2025, the Town released up to $4 million in funding for affordable housing activities. This funding release includes $3.5 million in 2024 affordable housing bond funding, $500,000 in 2018 affordable housing bond funding, and a portion of the local Fiscal Year 2026 funding allocated to the Affordable Housing Funding Program (AHFP). The application period for this funding closed on July 31, 2025.
2024 Affordable Housing Bond
Chapel Hill voters approved a municipal bond referendum on November 5, 2024 that includes $15 million to support affordable housing projects.
The $15 million will help support implementation of the Town’s Affordable Housing Plan & Investment Strategy that Council adopted in September 2023. The plan charts a path forward for the Town’s affordable housing work over the next five years and will require $50 million to implement.
The Town estimates the 2024 affordable housing bond could support the development and preservation of as many as 450 affordable housing units.
2018 Affordable Housing Bond
The 2024 bond is the second affordable housing bond Town voters have approved. The first bond was approved in 2018 for $10 million and was fully allocated in Fiscal Year 2024 after three funding rounds.
The 2018 bond was allocated to the following 8 projects that will develop 303 units and preserve 40 units of affordable housing. Access additional detail on these projects here.
| Project | Organization | Units | Income Level | Current Status | Completion Year |
| Perry Place | CASA | 24 | 0-60% | Complete | 2023 |
| Cedar Hills Home Renovation | Residential Services Inc. | 6 | 0-60% | Complete | 2025 |
| PEACH Apartments | EMPOWERment, INC | 10 |
0-30% | Under Construction | 2025 |
| Trinity Court | Community Housing Partners | 54 | 0-80% | Under Construction | 2026 |
| Weavers Grove | Habitat for Humanity | 102 | 0-80% | Under Construction | 2028 |
| Carver Street Acquisition | Habitat for Humanity |
12 | 0-80% | Preconstruction | 2027 |
| Longleaf Trace | Taft-Mills Group / Community Home Trust | 48 | 0-60% | Preconstruction | 2027 |
| Homestead Gardens | Homestead Housing Collaborative | 87 | 0-115% | Preconstruction | 2028 |
| 343 |
Additional information on approval of the bond funding plans and the 2018 bond referendum:
Spring 2024 Funding Plan Approval
Fall 2022 Funding Plan Approval