Agenda 02-20-24; 8-a - Minutes - Laserfiche WebLink

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6 1 Bridge Home to address a Town of Hillsborough request for housing to serve veterans with 2 disabilities. Cedar Village will be developed as a Low-Income Housing Tax Credit community to 3 finance the project, allowing CASA to leverage significant private capital and debt with a relatively 4 small funding commitment from local partners. The site is a part of Collins Ridge, a new market- 5 rate subdivision developed by DR Horton, which will comprise over nine hundred (900) total 6 single-family homes, townhomes, and apartments upon completion. 7 Homestead Horizons (CASA): $733,500 8 Community Partners: UNC, Town of Chapel Hill, Self-Help, Community Home Trust and Habitat 9 for Humanity 10 11 The proposal requests funds to develop a thirty-two (32) unit apartment building that will provide 12 affordable housing for households earning less than 30% of the Area Median Income (AMI). The 13 project will be funded with the purpose of assisting in the development of the apartment building, 14 which will be subject to affordability restrictions for at least ninety-nine (99) years. The building 15 will be managed by UNC Horizons and will be operated as supportive housing for low-income 16 families with children headed by women in recovery from substance abuse. Homestead Horizons 17 is part of a larger effort to address the affordable housing crisis in Chapel Hill and will provide 18 much-needed housing options for low-income families in the area. 19 20 Davie Circle (EMPOWERment, Inc.): $500,000 21 Community Partner(s): N/A 22 23 The proposal requests funds for the acquisition of an existing rental property, which consists of 24 eight(8)affordable housing units in Chapel Hill, NC. This project is for individuals earning between 25 30%-60% of the Area Median Income (AMI). Specifically, the project aims to acquire eight rental 26 units in a centrally located complex, which offers proximity to the UNC Campus, UNC hospitals, 27 Franklin Street, and numerous other businesses. EMPOWERment aims to allow low-income 28 households to reside in Chapel Hill while ensuring long-term affordability. This property is 29 considered Naturally Occurring Affordable Housing (NOAH) and is currently occupied by seven 30 (7) families in the targeted AMI range 30%-60%. 31 32 Wentworth (EMPOWERment, Inc.): Conveyance of Land for PEACH II 33 Community Partner(s): N/A 34 35 The conveyance of the parcel of land will be used to produce affordable housing in Chapel Hill 36 catering to populations earning below 60% AMI. This project will be called PEACH II and, similar 37 to the PEACH Apartments, it will have access to public transportation. The units will be centrally 38 located, within walking distance to the UNC campus, Hospital, Franklin Street, schools, shopping 39 and other businesses. 40 41 Homestead (EMPOWERment, Inc.): $825,000 42 Community Partner(s): N/A 43 44 The proposal requests funds for the acquisition of ten (10) single-family homes located off 45 Homestead Road in Chapel Hill. This project will target people who are earning below 80% AMI. 46 This is a Naturally Occurring Affordable Housing property (NOAH). All ten (10) households are 47 currently occupied and, if funded, the occupants will not be displaced. This project will ensure that 48 communities like this one will remain safe and affordable. In the future, homes that become 49 available will be occupied by individuals who earn between 30% to 60% of the area median 50 income (AMI). These homes will remain affordable. EMPOWERment will identify funds to make