The proposed Jay Street development will provide 48 workforce/affordable housing units that will benefit residents of Chapel Hill/Orange County who earn at or below 30% to 80% of the county’s Area Median Income (AMI), which means households earning incomes up to $70,560/year will be able to occupy these units. In Orange County currently, 58% of all renter households are rent burdened, or pay more than 30% of their income in rent. As presently proposed, the community will consist of a mix of 1 – 3 bedroom units.
Community Home Trust and their partner, Taft-Mills Group, believes that the Jay Street parcel(s) represent a unique opportunity to develop much needed affordable/workforce housing for residents of Chapel Hill. As proposed, the Jay Street development will provide rents that will be deemed affordable to those who fall at/below 30%, 50%, 60% & 80% of Chapel Hill/Orange County’s AMI of $84,800.
In addition to providing rents that will be affordable within the market, the location’s close proximity to public transit will provide residents with a cost-effective alternative that directly reduces residents’ reliance on an automobile. In addition, the location is within walking distance of Umstead Park which will provide residents a valuable amenity that will help promote a more active lifestyle.
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.
The proposed project on Jay Street is expected to total approximately $8.9 million.