Voters could decide whether to add more affordable housing to Chapel Hill. Town leaders are taking steps to include it on the November 2018 ballot.
“We have a need in Chapel Hill for affordable homes that are both for rental and home ownership in the community because we recognize that's a big gap in the housing market,” said Loryn Clark with the Office of Housing and Community.
The $10 million bond would go to adding 400 new housing units and renovating 275 current housing units over the next five years.
“There's an affordable housing crisis here, and those funds would go a long way in helping to solve that crisis,” said Susan Levy with Habitat for Humanity of Orange County, NC.
However, the bond referendum would also include a one cent tax hike. For a $350,000 home, the property tax rate will increase to $35 a year.
“One of the options discussed was to raise taxes for this upcoming fiscal year or they [council] could decide to raise taxes at another time,” said Clark.
Town leaders will hold a public hearing at town hall May 9 at 7 p.m. They will make final decision on May 23.