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Receive the Second Quarter Fiscal Year (FY) 2022 Affordable Housing and Public Housing Reports.
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Staff:
Department:
Sarah Osmer Vi?as, Director
Affordable Housing and Community Connections
Nate Broman-Fulks, Affordable Housing Manager
Faith Brodie, Director
Public Housing
Stacey Todd, Public Housing Management Analyst
Overview: This quarterly report on affordable housing activities for Fiscal Year 2022 tracks:
* Community indicators related to the housing market and affordable housing
* Our progress toward affordable housing targets
* The status of projects funded with Town resources
* Public Housing Highlights
Recommendation(s):
That the Council receive this Fiscal Year 2022 second quarter report.
* Key community indicators this year:
o The affordable housing gap is over 3,800 units for households below 60% of the Area Median Income ($52,000 for a family of four)
o The median household income for the Chapel Hill Metropolitan Statistical Area has decreased to $86,400, a decrease of $4,000 (or 5%) from last year.
o The median home value is $486,733, an increase of $76,000 (or 19%) from last year.
o The percentage of cost-burdened renters has stayed stable compared to last year's data at 57% of renters currently spending more than 30% of their income on housing expenses.
* Highlights of the report for the second quarter of FY 22 (October 1 - December 31, 2021):
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o The Town has continued to focus on COVID-19 response efforts and 118 Chapel Hill households received assistance through the County-wide Emergency Housing Assistance Program. This assistance is reflected in the total units preserved.
o The Town allocated all available Affordable Housing Development Reserve funding in the first application cycle for the second year in a row.
o Five new affordable homes were added to the permanently affordable inventory.
o Trinity Court and Jay Street Affordable Housing Development Projects completed Concept Plan review and submitted Conditional Zon...
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