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Affordable Housing Bond

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Now Accepting Applications for Bond Funds

The Town is currently accepting funding requests for use of the Affordable Housing Bond and Affordable Housing Development Reserve! Submit funding requests by noon Friday, May 1, 2020 to housingandcommunity@townofchapelhill.org. See below for additional details.

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$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. Additionally, this funding cycle the Town will award up to $250,000 is remaining in Affordable Housing Development Reserve (AHDR) funds, for a total of $1.75 million available for affordable housing projects this funding cycle. 

Application Schedule
  • Applications released: March 20
  • Application due date: May 1 at noon
  • Housing Advisory Board review: May 12
  • Town Council review and approval: Mid-late May

This is subject to change, based on the impact of COVID-19.  

Application Process
  • The funding application is available here.  The scoring rubric is available here.

  • Applicants are invited to participate in an orientation, which will take place around the established submission deadlines. Information about the next orientation will be posted on this webpage, as well as the Events Calendar.

  • Applicants are invited to participate in a one-hour pre-application meeting, during which Town staff will discuss the applicant’s proposed project and answer questions about the application process.To schedule a pre-application meeting, contact Sarah Viñas.

  • The Housing Advisory Board reviews and evaluates applications and provides a recommendation to the Town Council for final review and approval.

  • Applicants will be notified via email once a decision has been made regarding their application.

  • Applicants whose application for funding is not awarded are invited to participate in a one-hour post-application meeting during which Town staff will provide feedback and discuss opportunities for strengthening the funding application for consideration in future funding cycles.

This is the first round of Bond funds being made available.  Another round of Bond funding is anticipated within the next two years.

Bond Overview

In November, 2018 Chapel Hill voters overwhelmingly approved a $10 Million affordable housing bond.  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.

Eligible Uses

  • Acquisition
  • Home Repairs
  • New Construction

Priorities

  • 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

 

Chapel Hill Voters Approve Affordable Housing Bond

Chapel Hill voters expressed their overwhelming approval of a $10 million Affordable Housing Bond Referendum on Tuesday, November 6th, 2018.  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 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.

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