Tanyard Branch Trace will provide 48 workforce/affordable housing units on Jay Street in Chapel Hill that will benefit residents of Chapel Hill/Orange County who earn 30% to 60% of the county’s Area Median Income (AMI). In Orange County currently, 58% of all renter households are rent burdened, or pay more than 30% of their income in rent. The community will consist of a mix of 1 – 3 bedroom units.
On August 11, 2023, the North Carolina Housing Finance Agency (NCHFA) announced that Tanyard Branch Trace had been selected to receive a highly competitive 9% Low-Income Housing Tax Credit (LIHTC) award. According to NCHFA, only one of four applicants for the funding receives credits annually. Selection criteria include but are not limited to project location and site suitability, market demand and local housing needs, ability to serve the lowest-income tenants, and ability to serve qualified tenants for the longest periods. Tanyard Branch Trace was the only project in Orange County selected to receive funding in 2023. Read the full press release here.