Members of the Affordable Housing and Community Connections department presented the Affordable Housing Annual Report for the 2022 Fiscal Year at the Sept. 28 Chapel Hill Town Council meeting.
Sarah Viñas, Chapel Hill's director of affordable housing and community connections, said the Town allocated $2.5 million to community partners for improved affordable housing projects.
The Town also provided 492 households with Emergency Housing Assistance: a county-wide program that provides financial assistance for residents in Orange County experiencing a housing crisis.
The Town of Chapel Hill defines housing as affordable if housing costs do not exceed 30 percent of a household’s income. Current prices average $1,776 per month. This leaves 58 percent of renter households cost-burdened.
Triangle MLS, Inc. data found that 87 percent of home sales in the area are unaffordable – more than $220,000 – for households with earnings lower than $75,000, which makes up 80 percent of the area median income.
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