Voters in several North Carolina cities and towns will have the opportunity to approve a series of affordable housing bonds totaling $165 million in the upcoming general election. These bonds represent a significant investment in addressing the state's pressing housing affordability challenges, with initiatives focused on increasing rental options, supporting homeownership, and preserving existing affordable units.

Unlocking Opportunities for Affordable Homes Across the Tar Heel State

Charlotte's Ambitious $100 Million Bond Proposal

The Queen City is leading the charge with a $100 million housing bond, doubling the $50 million bond approved by voters in 2022. This bond would allocate $35 million towards the production of new rental housing, a critical component in addressing the city's affordable housing shortage. Additionally, a substantial portion of the funds would be directed towards enhancing homeownership opportunities, empowering more residents to achieve the American dream of homeownership.Notably, the bond would also provide $14 million for rental housing preservation and anti-displacement initiatives, ensuring that existing affordable units remain accessible to those in need. Furthermore, $9 million would be dedicated to supportive housing and increasing shelter capacity, addressing the complex issue of homelessness. The bond would also allocate $5 million for building rehabilitation and emergency repairs, safeguarding the integrity of the city's affordable housing stock.

Cary's $30 Million Bond to Fuel Affordable Housing Initiatives

The Town of Cary is also seeking voter approval for a $30 million housing bond to support a range of affordable housing initiatives. These funds would align with the goals outlined in the Cary Community Plan and the 2021 Cary Housing Plan, which include creating new housing opportunities, preserving existing affordable units, providing housing stability support, and fostering partnerships with nonprofit organizations.The bond funds would finance housing programs targeting residents earning up to 60% and up to 80% of the area's median income, ensuring a diverse range of affordability levels are addressed. By investing in these strategic initiatives, Cary aims to expand access to affordable housing and address the unique needs of its growing community.

Asheville's $20 Million Bond to Bolster Affordable Housing Efforts

In Asheville, voters are being asked to approve a $20 million housing bond to supplement the city's existing Housing Trust Fund. This fund provides low- or no-interest loans to organizations that invest in affordable homes, supports homeownership through down payment assistance, and enables the acquisition of land and existing homes for future affordable housing development.The bond funds would also support critical home repair programs, ensuring that existing affordable units remain habitable and accessible. This initiative comes at a crucial time, as the region grapples with the aftermath of Hurricane Helene, which caused an estimated $15 billion in damage to the area's housing stock.

Chapel Hill's $15 Million Bond to Advance Affordable Housing Strategies

The Town of Chapel Hill is seeking a $15 million housing bond to support the development of affordable housing projects that align with the town's Affordable Housing Plan and Investment Strategy. These funds would facilitate the construction of new affordable units, the preservation of existing affordable housing, and the acquisition of properties for future affordable housing development.Importantly, the bond funds would enable Chapel Hill to leverage state and federal resources, as well as forge local and regional partnerships, to maximize the impact of these investments. By strategically deploying these resources, the town aims to expand access to affordable housing and ensure that residents of all income levels can find suitable and sustainable living options.