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2 <br /> More information about the Town's FY19 progress toward meeting the Council's Affordable <br /> Housing Goals please see the Town's Affordable Housing Quarterly Report, and visit the <br /> Town's Affordable Housing webpage, and the Affordable Housing Dashboard, for more <br /> information about the Town's affordable housing activities. <br /> Updates from the Town on affordable housing activities are as follows: <br /> Loryn Clark, Chapel Hill Executive Director Housing and Community presented this item: <br /> 1) Affordable Housing Bond <br /> On November 6, 2018, Chapel Hill voters approved a $10 million Affordable Housing Bond <br /> Referendum. It is expected the funds will produce 400 new affordable housing units and <br /> preserve 300 existing housing units over the next five years. In their agenda packet there is an <br /> Allocation Strategy and Funding Process Overview for the Town of Chapel Hill's Affordable <br /> Housing Bond. Staff continues to work with the Town's Housing Advisory Board to refine the <br /> Strategy and will present recommendations to the Council in the Spring. Staff anticipates <br /> issuing the first 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 Incentive <br /> program. Staff conducted extensive outreach with Town employees and determined that many <br /> employees identified housing costs as the top barrier to living in Town. The program would <br /> provide financial assistance to employees interested in renting or purchasing a home in Chapel <br /> Hill. <br /> The approved pilot program provides assistance as follows: <br /> • Rental Incentive: provides a one-time payment for security deposit and utility connection <br /> 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 />