Town of Chapel Hill North Carolina Executive Summary
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NORTH CAROLINA


EXECUTIVE SUMMARY

Meeting Date: 9/30/2013
AGENDA #2


Title of Agenda Item: Proposal for a Low Income Housing Tax Credit Project on Town-Owned Land.  

Council Goal: Focus on Economic Development, Land Use, and Transportation for a Balanced and Sustainable Future

Background: Attached for the Council's review is a proposal from DHIC to develop a Low Income Housing Tax Credit (LIHTC) project on Town-owned land on Legion Road. The approximately 10-acre site  is part of the Town's cemetery. 

The LIHTC program provides affordable rental housing for a minimum of thirty-years. The proposal is to create approximately 140 units of one, two and three bedroom affordable units for families and seniors.

Recommendations: That the Council discuss the attached proposal and refer this report and the Council's comments to the Manager and Town Attorney.


ATTACHMENTS:
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Proposal from DHIC