Thanks to everyone who helped support the Penny for Housing, which Chapel Hill’s Town Council adopted tonight as part of its annual budget.
The Town’s fiscal year 2015 budget now includes $689,000 of general funds set aside to support affordable housing development and preservation, an amount equal to nearly one penny of the property tax rate. Notably, Town Council and staff found these funds without needs to increase the property tax rate. This is great news for making Chapel Hill a more diverse and inclusive community, and the members of the Orange County Affordable Housing Coalition are committed to helping the Town and its new Housing Advisory Board to spend the money wisely.
Thank you again to Town Council, Town staff, and the hundreds of supporters who signed onto our pledge to support the Penny for Housing. Stay tuned to this website for more updates going forward.