Very pleased that last night the Board of Aldermen approved a total of $57,500 in grant funding from the Town’s Affordable Housing Fund for two important non-profit efforts. $2,500 was committed to Rebuilding Together of the Triangle for its critical repair program. $55,000 was committed to Self-Help Credit Union to invest in land banking and critical repair strategies in the Carrboro portion of the Northside Initiative, a major collaboration between UNC-Chapel Hill’s real estate foundation, Self Help, the Town of Chapel Hill, and the Jackson Center.
This is a particularly significant action considering that between 2008 – 2015 the Town was only able to invest a total of $47,770 in affordable housing project support. Simply put, the Town’s “voluntary inclusionary housing” strategy has not generated meaningful support for the Affordable Housing Fund, and so until now, funding was quite limited. Last year, the Board approved an allocation to the Fund worth the equivalent of 1% on the property tax rate, or basically a penny for housing. The grants approved last night would not have been possible without that roughly $200,000 budgetary commitment.
The funding we approved will 1) support the sale of at least two land bank homes in the Lloyd-Broad neighborhood of Carrboro to non-profit partners or modest-income homebuyers; 2) support the acquisition or predevelopment expenses related to up to five additional properties in the neighborhood; and 3) pay for critical repairs to at least four homes owned by limited income Carrboro seniors.
As Chair of the Board of Aldermen’s Affordable Housing Task Force, I’m grateful to the non-profit partners who will carry out this important work, and to the unanimous support of my colleagues for the decision. I look forward to seeing what else our non-profit partners will do this year to help Carrboro invest in and advance the Town’s affordable housing goals. A link to a brief article in Chapelboro is here. Always happy to talk about this important issue, and all of its nuances, with folks who are interested!