The project is part of an initiative by area governments to provide affordable housing as the average price of area housing continues to skyrocket, exceeding for the first time $300,000 for a new home.
Chapel Hill Mayor Kevin Foy said it is crucial that local governments encourage affordable housing and economic diversity. Before a development in Chapel Hill is approved, the Town Council requests 15 percent of the development be set aside for affordable housing, Foy said.
UNC employee Todd Jacobs, an incoming Rosemary Place resident, said his family began to look into buying a home a year ago but could not find one within their price range. "We quickly became discouraged."
But Jacobs said Rosemary Place is a great opportunity for families like his. "Not only are we able to own a home, but we're able to be in such an ideal location."
The land trust leases to Orange County residents at or below 80 percent of the median income, particularly those who provide services to the county, including government and UNC employees.
The land for the homes was donated by Meadowmont developers East West Partners, and construction will be funded by Orange County, which will lease the homes to the residents through a 99-year renewable lease.
Meadowmont developer Roger Perry said East West Partners is dedicated to affordable housing in the neighborhood. "We are as proud or prouder of this neighborhood as we are of any component of Meadowmont," he said.
Land trust Executive Director Robert Dowling said that with such a large demand for housing in the area, building affordable homes in a nice neighborhood with a convenient location is indicative of local governments' commitment to economic diversity.
"The barriers that sometimes separate people socioeconomically, racially ... are bad for all of us," Dowling said. "This little neighborhood is a way of breaking that down."
