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Authorize the Conveyance of Town-Owned Land at 107 Johnson Street for the Development of Permanently Affordable Housing.
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Staff:
Department:
Sarah Osmer Vi?as, Director
Affordable Housing and Community Connections
Nate Broman-Fulks, Affordable Housing Manager
Overview: EmPOWERment, Inc., a nonprofit affordable housing provider, formally requests that the Town of Chapel Hill convey the vacant parcel of Town-owned land at 107 Johnson Street to EmPOWERment, Inc., to develop permanently affordable rental housing for the PEACH apartments project. See attached Staff Memorandum for additional details.
Recommendation(s):
That the Council approve conveying Town-owned land at 107 Johnson Street to EmPOWERment, Inc. to develop permanently affordable housing.
Key Issues:
* The parcel is vacant and the Town has no plans for its use.
* Conveyance of Town-owned land for development of permanently affordable housing is consistent with past practices for creating new affordable housing in town.
* The parcel was purchased by the Town in 1992 using $35,000 of 1989 Parks andOpen Space Bond funds.
* EmPOWERment acquired the neighboring parcels and would need the Town's parcel to develop the planned ten units of affordable rental housing.
* Staff conducted an analysis of the request and concluded that the proposed project:
o Supports the Town Council's Strategic Affordable Housing Goals and the Northside and Pine Knolls Community Plan.
o Staff concluded the proposed project's value to the public is clear. The provision of affordable housing and the reduced rents for low- and moderate-income residents will surpass the value of the donated property in about three years.
* If the conveyance is approved, the Town would place deed restrictions on the property to limit future residents of the property to households at or below 80% of the area median income. The Town would also retain a reversionary interest and/or a right of transfer in the land/project if it is n...
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