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31 <br /> There is one LIHTC development with a contract ending in 2028.This development offers 124 units <br /> of subsidized housing. <br /> Does the availability of housing units meet the needs of the population? <br /> Housing remains largely unaffordable for many residents, particularly low-and moderate-income <br /> households.There is a critical shortage of quality, affordable, and accessible housing units, leaving <br /> many individuals and families cost-burdened and struggling to find stable housing <br /> Describe the need for specific types of housing. <br /> The need for quality, affordable, and accessible housing is particularly acute in the urban centers of <br /> Chapel Hill, Carrboro, and Hillsborough.These areas serve as the county's economic, educational, <br /> and cultural hubs, offering proximity to employment centers, healthcare facilities, and essential <br /> services. However, rising housing costs and limited affordable options have created significant <br /> barriers for low-and moderate-income households, making it difficult for many to live in the very <br /> communities where they work, study, or receive essential services. <br /> Discussion <br /> While the total number of market-rate housing units in Orange County may appear sufficient to <br /> accommodate the county's growing population, market forces alone have not produced enough <br /> housing that is affordable to low-and moderate-income households.The disparity between income <br /> Levels and housing costs has left many residents struggling to find housing within their means, <br /> particularly in the county's urban centers of Chapel Hill, Carrboro, and Hillsborough—where <br /> employment opportunities and public transit access are most concentrated. <br /> The high cost of market-rate housing in these areas creates significant barriers for low-income <br /> workers, seniors on fixed incomes, individuals with disabilities, and othervulnerable populations. <br /> Many households earning below the county's median income are forced to spend a <br /> disproportionate share of their income on housing costs, often exceeding HUD's affordability <br /> threshold of 30%of gross income.As a result,these households face increased financial instability, <br /> risk of displacement, and limited access to essential services. <br /> MA-15 Cost of Housing - 91 .410, 91 .210(a) <br /> Introduction <br /> As highlighted throughout this plan, Orange County has experienced a significant rise in housing <br /> costs in recent years, leading to a critical shortage of affordable housing for low-and moderate- <br /> income households. Median gross rent has surged by 35.7%, increasing from$970 to$1,316,while <br /> the median home value has risen even more sharply, by 40.4%,from$281,700 to$395,600.These <br /> escalating costs disproportionately affect lower-income households, particularly renters,whose <br /> wages have not kept pace with the rising cost of housing. <br /> The growing affordability gap makes it increasingly challenging for residents to secure and maintain <br /> stable housing,with vulnerable populations—including seniors, individuals with disabilities, and <br /> those at risk of homelessness—facing the greatest strain.The steep increases in both rental and <br /> homeownership costs highlight the urgent need for targeted policies and investments to address <br /> 28 <br />