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Receive the First Quarter Fiscal Year (FY) 2023 Affordable Housing Report.
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Staff:
Department:
Sarah Osmer Vi?as, Director
Affordable Housing and Community Connections
Nate Broman-Fulks, Assistant Director
Emily Holt, Affordable Housing Development Officer
Overview: This quarterly report on affordable housing activities for Fiscal Year 2023 tracks:
* Community indicators related to the housing market and affordable housing
* Our progress toward reaching the Town's affordable housing goals
* The status of projects funded with Town resources
Recommendation(s):
That the Council receive this Fiscal Year 2023 first quarter report.
Community Indicator Data:
* The affordable housing gap is over 5,200 units for households below 60% of the Area Median Income ($57,300 for a family of four). The gap has increased by about 25% over the past year, driven by housing prices that have increased at a much faster rate than incomes.
* The median household income for the Chapel Hill Metropolitan Statistical Area has increased to $95,500, an increase of $9,100 (or 10.5%) from last year.
* The 2022 home value index is $623,892, an increase of $137,000 (or 22%) from last year.
* The percentage of cost-burdened renters has slightly increased compared to last year's data at 58% of renters currently spending more than 30% of their income on housing expenses. The percentage of cost-burdened homeowners remained the same at 22%.
Highlights of our Progress:
Key results for the first quarter of Fiscal Year 2023 (July 1 - September 30, 2022) include:
* Trinity Court Public Housing received a 9% Low Income Housing Tax Credit Award from the North Carolina Housing Finance Agency. The award brings more than $10 million in funding to support the redevelopment of 54 units on the site of the currently vacant Trinity Court public housing community.
* The Town made $8.45 million available to support affordable housing projects, the most funding ever released to date. The funding...
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