What is the Homestead Gardens development?
The Homestead Gardens project, located at 2200 Homestead Road in Chapel Hill, is an innovative approach to developing affordable housing in a uniquely collaborative way. Homestead Gardens will provide a mix of around 117 rental and homeownership opportunities serving several target populations from extremely low income to moderate income. The community will be developed on land owned by the Town of Chapel Hill in partnership with the Homestead Housing Collaborative, a coordinated initiative between four nonprofit agencies with strong ties to Orange County – Self-Help, CASA, Community Home Trust, and Habitat for Humanity. Development is expected to begin in early 2022.
What are the benefits of this project and why is it a priority?
There is an affordable housing crisis in Chapel Hill. Residents of low and moderate income are finding it increasingly difficult to find housing affordable to them. In response, the Chapel Hill Town Council identified affordable housing as one of its top priorities. This project is a result of the Town’s commitment to providing affordable housing and providing its own resources to make that happen. Through the commitment of Town-owned land, Town, County, State, philanthropic and other funds, this project will provide housing for community members with the greatest need.
Distributing targeted rents amongst the proposed AMI ranges will allow the proposed development to draw from and serve a wider pool of potential residents. In addition to providing affordable rents and homeownership opportunities, the location’s close proximity to public transit will provide residents with a cost-effective alternative that directly reduces resident’s reliance on an automobile.
Securing housing that is both affordable and convenient to a resident’s workplace is a challenge to many. The proposed site’s proximity to numerous employment opportunities is a major factor that, in our opinion, will appeal to future residents and help ensure the long-term success of the community.
What will the total project cost?
The proposed Homestead Gardens project is expected to total approximately $23.4 million.