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Attachment III 10 <br />s Town of Chapel Hill <br />405 Martin Luther King Jr. Blvd <br /># Chapel Hill, NC 27514 -5705 <br />(p) 919 968 -8406 <br />www.townofchapelhill.org <br />[1 ] Defined as on -site housing of 15 percent or more of the market rate units that will be for households <br />with incomes less than 80 percent AMI. <br />Definitions <br />The Town recognizes two broad classes of need for affordable rental housing: (1) Rental <br />housing that addresses the market at 80 -120 percent area median income (sometimes called <br />"workforce housing ") for which the expectation is that the private market will be the provider. (2) <br />Subsidized rental housing that serves people earning up to 60 percent of AMI, a range that <br />qualifies for the low- income tax credit program, and through the 80 percent AMI level for which <br />various other subsidies (e.g., HUD entitlement dollars) are available. Public hoL <br />important component the subsidized portion of the housing continuum. MW <br />affordable rental housing creatively and opportunistically. <br />1. To reduce barriers to market entry for all levels of affordable rental housing, the Town must <br />work proactively to create new development standards, or modify existing standards or <br />processes, and regularize its expectations. These changes to existing processes should allow <br />more decisions regarding affordable housing developments (rental and ownership) to be <br />addressed at the staff level. <br />2. Because the citizens of Chapel Hill value inclusivity and have expressed the need for greater <br />housing affordability, an element of the strategy for affordable rental should include the <br />dedication of tax dollars to the cause. <br />3. Increasing the supply of affordable rental housing should be a Council Goal, and toward that <br />end, the staff should maintain an accountability system that tracks the implementation of this <br />strategy, with regular reports provided to Council. <br />4. To facilitate affordable rental development in the subsidized ranges, the Town must work <br />proactively with nonprofit housing providers to pursue funding opportunities from all identifiable <br />funding sources, public and private, ranging from HUD to local foundations and employers. <br />Town of Chapel Hill Affordable Rental Housing Strategy <br />