Perry Place, a new affordable housing development by CASA, a nonprofit organization that provides affordable housing in the Triangle, is under construction on Merritt Mill Road.
The development straddles the line between Carrboro and Chapel Hill. It will create 48 one- and two-bedroom apartments. The new community is for those earning less than 60 percent of the area's median income, and some of the units will be reserved for people with disabilities.
Rent will be between $350 to $950 a month and rental subsidies will be accepted for all of the units.
Rachel Eberhard, a real estate developer at CASA, said construction should be finished in January 2023 and the organization is hoping to have leases complete by April of that year. Those interested in becoming residents at Perry Place cannot apply yet but may join a waitlist, Eberhard said.
The Town of Carrboro, Town of Chapel Hill, Orange County and nonprofit Strowd Roses provided funding for predevelopment and land costs.
Perry Place is a tax credit property, meaning the North Carolina Housing Finance Agency funded 9 percent of the cost of building it. This supports CASA in operating and renting out the property at below market value.
Eberhard said this is CASA and the Town of Carrboro’s first tax credit development, making it a special project as it affects the size capabilities of the project.
“The tax credit program, as it's administered by the state, allows us to build more units more affordably and so we're able to keep rates lower, while still building larger projects,” Eberhard said.
Perry Place is named in memorial of Velma Perry, a lifelong Northside resident and activist.