Housing Director, Sarah Vinas, presented the staff’s recommendation concerning 505 West Chapel Hill.  They proposed the building of 80 affordable units for individuals/families with incomes from 30 to 60% AMI.  It is a mixture of 1, 2, and 3 bedroom apartments and will be built on the Southwest corner.  

The affordable housing developer recommended is Laurel Street (builders of 300 and 500 West Main along with other units).  The Council was very positive about the proposal, endorsed it, and gave recognition to the community advocates who have worked so hard for affordable housing on this city owned property.  

It is contingent on Laurel Street obtaining a 9% LIHTC grant which they will apply for in January.  The city will provide 6 million in subsidy.