Agenda - 06-26-1996 - IX-B - Laserfiche WebLink

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22. SITE AND NEIGHBORHOOD The Carolina Spring apartment community is ideally located to provide much-needed affordable rental housing for low income senior citizens. LOCAL NEED FOR AFFORDABLE SENIORS APARTMENTS For much the same "quality of life" reasons that the Research Triangle Area gains such national attention as a great place to which affluent seniors can move in their retirement: access to cultural resources, access to the excellent health care resources, the mild weather and natural beauty of the Piedmont area, and environmental awareness, LOW INCOME seniors already retired in this area would like to be able to REMAIN in the area, but presently find it extremely difficult to obtain housing that is both affordable to and suitable to senior citizens. The rental housing market in Carrboro / Chapel Hill is dominated by university student, faculty, and staff housing requirements and is very expensive; as a result, low income senior citizens have few rental options but to live in poor quality rental accommodations or to pay most of their annual income to live in better quality accommodations. Either way, the seniors are surrounded by college students and small children which is not the situation in which they would most prefer to live. If these low income seniors had the opportunity to live in a good quality apartment community for SENIORS ONLY and at AFFORDABLE rent levels, they would love to stay in the Carrboro / Chapel Hill community. Unfortunately, according to Katherine Leith, Director of the Chapel Hill Seniors Center, many low income seniors can no longer afford to pay the,; prevailing rents when they reach retirement, and they are forced to move out of the area to find affordable rents. The Carolina Spring community will allow these low income seniors to live their retirement, years in Carrboro, convenient to old neighborhoods and friends, but in a new all-seniors community, with.access to amenities and supportive services, both on-site and in the community, and with AFFORDABLE rents. This project is located in a Qualified High Cost Area, Census Tract 0107.03 in Orange County, where high land costs and a very arduous development process make it virtually impossible to develop an affordable apartment community. As a result, the low income seniors market is not presently served by adequate and affordable rental apartments. PROXIMITY OF SERVICES AND SUITABILITY FOR HOUSING Carolina Spring is Iodated in the Town of Carrboro, on West Poplar Avenue between the _ - s ^'j =? cl!- ?:fi rte, ':-r ��' -a t v)f ass on I LdJI d'IJ 11 i �iS� v r site is the ONLY site in Carrboro that is zoned for multi-family development. The property owner has selected First Centrum's purchase offer over mutiple offers from developers of market rent apartments because she realizes the great need for affordable seniors housing in Carrboro.