What is the Jay Street development?
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 AMI, 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. In Orange County, 58% of all renter households are rent burdened, or pay more than 30% of their income in rent.
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 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.
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?
The project concept will be reviewed at three virtual Town of Chapel Hill meetings:
- Community Design Commission: May 10 at 3pm
- 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 project, please feel free to contact Taft Mills Group at (252) 916-2691 or by email at email@example.com. You can also submit your questions below.