Local housing nonprofit DHIC has been awarded state tax credits that will pave the way to build affordable apartments on Legion Road.
Gregg Warren, president of DHIC, says there’s a demonstrated need for affordable rentals in Chapel Hill.
“There are over than 3,000 families in need of such housing in the market area in Chapel Hill,” says Warren. “We’ll do our part to try to at least scratch the surface of that need with the Greenfield development.”
Once completed, Greenfield Place will offer 80 apartments for working families. A second phase will set aside 60 apartments for low-income seniors.
The development will consist of four buildings on nine acres next to the Chapel Hill Memorial Cemetery. That land was donated to DHIC by the Town of Chapel Hill.
Town officials have been planning the project in collaboration with DHIC for more than two years. Warren says the tax credits from the North Carolina Housing Finance Agency are vital to keeping the apartments affordable.
“Those tax credits allow us to raise equity, and that equity reduces the mortgage that we need to secure, thus allowing us to lower the rents for the residents who will live in Greenfield Place.”
DHIC’s design team will begin working with the town to craft a development proposal. Warren says he hopes to have residents moving in by December 2017.