Falling in line with the town’s comprehensive Chapel Hill 2020 plan and the Mayor’s Committee on Affordable Rental Housing, the town is making clear progress in increasing the availability of affordable housing for all town residents, regardless of income.
The Chapel Hill Town Council is working with the Downtown Housing Improvement Corporation on a proposal that would designate a 10-acre lot towards affordable housing.
To make this collaboration as efficient as possible, the DHIC will only receive the lot if they are granted a tax credit through the North Carolina Housing Finance Agency. The tax credit will enable the DHIC to rent the property at a price meeting affordable housing guidelines — which would be impossible otherwise.
This is in addition to the construction of new housing developments, Shortbread Lofts and LUX at Central Park, which will give students more options for off-campus housing, relieving the demand for affordable living options. In turn, this will increase the availability of housing options for town citizens looking for affordable rent in an area that isn’t solely made up of students.
Student housing is commonly used synonymously with affordable housing, but in reality, families don’t want to live right next door to students. The new developments have been focused more on the former than the latter, which does not offer a feasible option for families looking for affordable housing.
The partnership between Chapel Hill and the DHIC is a great way to further progress on the affordable housing plan and it also offers a solution to families that need affordable housing in a town where housing is overrun by students.
