What is the Jay Street development?
The Jay Street development is a partnership between Community Home Trust, Taft-Mills Group, and the Town of Chapel Hill. View the Town of Chapel Hill’s plan here.
The proposed Jay Street development will provide 48 workforce/affordable housing units that will benefit residents of Chapel Hill/Orange County who earn 80% or less of the county’s Area Median Income (“AMI”). The development will consist of 2 residential buildings that will provide 24 units per building. As presently proposed, the community will consist of 8 1-bedroom units, 26 2-bedroom units, and 14 3-bedroom units. Units will be affordable to households that make 30% to 80% of Orange County’s Area Median Income, which means households earning incomes from $18,600/year to $70,560/year will be able to occupy these units.
73% of the units in the project serve households at or below 60% of AMI. Over 25% of the units serve 30% AMI households and over 40% of units serve households at or below 50% of AMI. This mixed targeting allows the property to serve households that have the highest need for affordable housing while simultaneously serving workforce housing needs of households that have good incomes but cannot afford to live in the community where they work. In Orange County, 46% of all renter households are rent burdened, or pay more than 30% of their income in rent. For households at or below 30% of AMI, 80% are rent burdened. The proposed AMI targeting of this project provides relief to a wide range of renter households.
Targeting 27% of units to households at or below 80% of AMI particularly targets workforce housing that can include young professionals and civic workers as the income range for these units is $39,000 – $70,560. The Low Income Housing Tax Credit program that helps make the project possible only recently started allowing income targeting between 60% and 80% of AMI. This population has historically had significant challenges finding housing as they did not qualify for affordable housing but could not afford to pay market rate rents.
We believe the unit mix, as proposed, meets the Town’s vision of providing affordable housing to a range of incomes with a priority for households at or below 60% of AMI. All of the units are affordable to households at or below 80% of AMI and 73% are affordable to households at or below 60% of AMI. The diversification of income levels targeted provides a healthy mix of income levels without a concentration of either very low income or very high income at the property.
Click on the photo to view detailed site plans
What are the benefits of this project and why is it a priority?
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 Area Median Income of $84,800.
Distributing targeted rents amongst the aforementioned AMI ranges will allow the proposed development to draw from and serve a wider pool of potential residents. While the 30% rents will provide units to those who may be deemed rent-burdened, targeting rents in the 60-80% range will likely supplement a shortage of workforce housing units that we believe exists in the market.
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.
What will the total project cost?
The proposed project on Jay Street is expected to total approximately $8.9 million.
How can I learn more?
We will hold a neighborhood meeting via Zoom on Thursday, April 22 from 6 to 7 p.m. At the meeting, we will give an overview of the concept plan and gather feedback. You can join the meeting online or by phone. If you’d like to join online, enter your email address below and we will send you the link to join. If you’d like to join by phone, call 646-558-8656 and enter meeting ID 849 7127 1496 and passcode 1234.
We encourage interested parties to attend and ask that you share this invitation with other interested community members. A video recording of the development team’s presentation will also be posted here after the meeting.
The project concept will also be reviewed at three virtual Town of Chapel Hill meetings:
- Community Design Commission: April 27 at 7pm
- Housing Advisory Board: May 11 at 6:30pm
- Chapel Hill Town Council Meeting: May 19 at 7pm
More information about the meetings is available at https://www.townofchapelhill.org/government/newsroom/calendar.
If you have any questions regarding the neighborhood meeting, or the project in general, please feel free to contact Taft Mills Group at (252) 916-2691 or by email at firstname.lastname@example.org.