Agenda 01-16-24; 6-a - Affordable Housing Advisory Board (AHAB) Funding Recommendations for FY 2023-24 Affordable Housing Capital Investment Plan (CIP) Funds and Remaining 2016 Bond Funds

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3 The proposals are summarized below with AHAB's funding recommendations, and also addressed in Attachment 2. Cedar Village (CASA): $825,000 Community Partners: DR Horton The proposal requests funds for the construction of three (3), twenty-four (24) unit residential buildings, and one community building that will serve households at or below 30% to 60% Area Median Income (AMI). The project will also include eight units set aside for referrals from Veterans Bridge Home to address a Town of Hillsborough request for housing to serve veterans with disabilities. Cedar Village will be developed as a Low-Income Housing Tax Credit community to finance the project, allowing CASA to leverage significant private capital and debt with a relatively small funding commitment from local partners. The site is a part of Collins Ridge, a new market- rate subdivision developed by DR Horton, which will comprise over nine hundred (900) total single-family homes, townhomes, and apartments upon completion. Homestead Horizons (CASA): $733,500 Community Partners: UNC, Town of Chapel Hill, Self-Help, Community Home Trust and Habitat for Humanity The proposal requests funds to develop a thirty-two (32) unit apartment building that will provide affordable housing for households earning less than 30% of the Area Median Income (AMI). The project will be funded with the purpose of assisting in the development of the apartment building, which will be subject to affordability restrictions for at least ninety-nine (99) years. The building will be managed by UNC Horizons and will be operated as supportive housing for low-income families with children headed by women in recovery from substance abuse. Homestead Horizons is part of a larger effort to address the affordable housing crisis in Chapel Hill and will provide much-needed housing options for low-income families in the area. Davie Circle (EMPOWERment, Inc.): $500,000 Community Partner(s): N/A The proposal requests funds for the acquisition of an existing rental property, which consists of eight (8) affordable housing units in Chapel Hill, NC. This project is for individuals earning between 30%-60% of the Area Median Income (AMI). Specifically, the project aims to acquire eight rental units in a centrally located complex, which offers proximity to the UNC Campus, UNC hospitals, Franklin Street, and numerous other businesses. EMPOWERment aims to allow low-income households to reside in Chapel Hill while ensuring long-term affordability. This property is considered Naturally Occurring Affordable Housing (NOAH) and is currently occupied by seven (7) families in the targeted AMI range 30%-60%. Wentworth (EMPOWERment, Inc.): Conveyance of Land for PEACH II Community Partner(s): N/A The conveyance of the parcel of land will be used to produce affordable housing in Chapel Hill catering to populations earning below 60% AMI. This project will be called PEACH II and, similar to the PEACH Apartments, it will have access to public transportation. The units will be centrally located, within walking distance to the UNC campus, Hospital, Franklin Street, schools, shopping and other businesses.