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20 <br /> Town of Chapel Hill <br /> Prepared by Housing and Community Staff 12.6.18 <br /> • Town of Chapel Hill Affordable Housing Bond <br /> r G <br /> Allocation Strategy & Funding Process Overview <br /> On February 21, 2018, the Council approved a resolution to pursue an Affordable Housing Bond <br /> referendum in November of 2018. At that time, the Council also adopted a resolution <br /> identifying eligible activities and priorities for use of affordable housing bond funds. On <br /> November 6, 2018, voters approved the Affordable Housing Bond Referendum, with 72% of <br /> voters affirming their support for the Bond. Voter approval of the Bond gives the Town Council <br /> the authority to issue up to $10 Million in bonds to support affordable housing projects in the <br /> community. <br /> This document provides an overview of the Town's Affordable Housing Bond Allocation <br /> Strategy and Funding Process. <br /> Bond Priorities <br /> Bond funds will be used to develop and preserve affordable housing that aligns with the <br /> strategy statement of the Town's Affordable Housing Strategy: <br /> The Town of Chapel Hill's goal is to increase the availability of and access to housing for <br /> households and individuals with a range of incomes,from those who are homeless to <br /> those in middle-income households. The Town of Chapel Hill will work with for-profit and <br /> non-profit housing providers to offer a variety of housing opportunities that will promote <br /> socioeconomic diversity,provide individuals with the ability to remain in Chapel Hill <br /> through different stages in their lives, and support employee recruitment and retention. <br /> Eligible projects must be consistent with the Council's existing policy statements in the <br /> Affordable Housing Strategy (AHS), Affordable Rental Hosing Strategy (ARHS), the Northside <br /> and Pine Knolls Community Plan (CP), and the 2016-18 Council Goals. <br /> The Council approved the following priorities for eligible projects: <br /> ■ Rental projects that serve households with incomes 60% and below the Area Median <br /> Income (AMI) <br /> ■ Rental housing serving vulnerable populations (i.e. disabled, homeless, elderly) <br /> ■ Long-term affordability <br /> ■ Located near transit services <br /> ■ High leverage from other resources <br /> Eligible Activities <br /> The Council approved the following eligible activities for Affordable Housing Bond funds: <br /> 1. Land Acquisition <br />