In November, residents of Chapel Hill will be voting on a referendum to decide whether the Town should raise funds for a $10 million general bond for the purpose of affordable housing.
This bond is part of an agenda outlined by the Chapel Hill Town Council, which states Chapel Hill should be a place for everyone. The Town will be able to meet this target by raising the funds necessary to support lower- and medium-income families.
Robert Dowling, the executive director at Community Home Trust, an organization working with the Town of Chapel Hill on the bond, said he thinks the bond is good because funds are not coming from the federal government.
“You cannot build affordable housing without subsidy," Dowling said. "The federal government is not a big supporter of affordable housing. The federal dollars toward affordable housing have been declining."
Over half of renters in Chapel Hill are extremely cost burdened, making housing expensive without any financial support.
Susan Levy, executive director at Habitat for Humanity of Orange County, said there is a crisis in the county.
"There's a gap of at least 2.000 homes that are needed for folks who’d like to live here, that earn less than 80 percent the area median income," she said. "There’s a huge shortage on rental housing. The rent has gone up astronomically over the past years. There’s very little opportunity for someone with modest income to afford housing.”
Payment of the bond will be through a tax raise in one penny per $100 valuation of the property.
An investment plan from the Town details the $10 million bond. The bond can be used by households with moderate income for needs such as acquisition of property, home repairs and construction of new affordable housing units.
