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2 <br /> Updates from the Town on affordable housing activities are as follows: <br /> 1)Affordable Housing Bond <br /> On November 6, 2018, Chapel Hill voters approved a $10M Affordable Housing <br /> Bond Referendum. It is expected the funds will produce 400 new affordable <br /> housing units and preserve 300 existing housing units over the next five years. <br /> Attached, please find a draft Allocation Strategy and Funding Process Overview <br /> for the Town of Chapel Hill's Affordable Housing Bond. Staff continues to work <br /> with the Town's Housing Advisory Board to refine the Strategy and will present <br /> recommendations to the Council in the Spring. Staff anticipates issuing the first <br /> Request for Proposals for bond funds in late 2019 or early 2020. <br /> 2) Employee Housing Incentive Program <br /> In November, 2018, the Chapel Hill Town Council approved an Employee Housing <br /> Incentive program. Staff conducted extensive outreach with Town employees and <br /> determined that many employees identified housing costs as the top barrier to <br /> living in Town. The program would provide financial assistance to employees <br /> interested in renting or purchasing a home in Chapel Hill. <br /> The approved pilot program provides assistance as follows: <br /> • Rental Incentive: provides a one-time payment for security deposit and <br /> utility connection fees: <br /> ■ $1,250 for a two-bedroom (or less) home; <br /> ■ $1,650 for a three-bedroom home <br /> ■ $1,850 for a 4 or more bedroom home <br /> o Eligibility requirements <br /> ■ Permanent employees with households earning less than 80% of <br /> AMI <br /> ■ Must live in Chapel Hill Town limits <br /> ■ Have a lease term of at least 12 months <br /> • Homeownership Incentive: provides one-time down payment or closing <br /> cost assistance <br /> o Assistance <br /> ■ Maximum assistance: $7,500 <br /> ■ Conditions for repayment for employees that leave Town within 5 <br /> years <br /> ■ 20% forgiven every year up to 5 years <br /> o Eligibility requirements <br /> ■ Permanent employees with a household income at 115% AMI and <br /> below <br /> ■ Seek housing in Chapel Hill <br /> ■ Home must be primary residence <br /> The Town will also offer financial counseling and training opportunities to all <br /> employees as part of this program. <br />