The North Carolina Federal Tax Reform Allocation Committee recently awarded $1.3 million in tax credits to a future affordable senior housing development in Chapel Hill.
According to an August 27 release, the Low-Income Housing Tax Credit (LIHTC) program awarded over a billion dollars in total to 50 North Carolina properties to help create affordable apartments for families and seniors. Located on Homestead Road, Maddry Meadows is the only Orange County development chosen for the tax credits.
The Chapel Hill Town Council approved the 55+ housing community from DHIC in April, and with the funding secured, developers can start submitting permitting applications, Mayor Jess Anderson said in an interview with 97.9 The Hill.
“And when [the development is] finished,” Anderson said, “Hopefully in winter of 2027, it will provide 53 new housing units on Homestead Road near the Seymour Center, near our senior center. So it makes sense. We’re very excited. This is a huge area of need in the community, and we know a lot of seniors in the community have trouble finding housing that they can afford in Chapel Hill.”
Maddry Meadows aims to provide a mix of studio, one-bedroom, and two-bedroom units and would also serve households earning 60 percent of the Area Median Income (AMI) or less. The LIHTC award also contributed $2 million in state housing loans to the project.
“DHIC is excited and honored to be working with the Town of Chapel Hill once again to provide affordable rental homes to folks 55 and older,” DHIC Senior Vice President of Real Estate Development Natalie Britt wrote in a statement to Chapelboro Monday. “The location of Maddry Meadows on Homestead Road directly across the street from the Seymour Center, close to the Chapel Hill Aquatic Center, and with convenient access to public transportation is excellent for lower-income seniors to age gracefully in a home they can afford.”
According to the release, this year’s program received 74 total applications, and selections were based on recommendations from the North Carolina Housing Finance Agency, which administers the (LIHTC) program.
“The LIHTC Program is vital for the development and preservation of affordable rental housing across the country” the agency’s executive director Scott Farmer said in the release. “These apartment homes will strengthen our communities by addressing the growing shortage of affordable housing options for working families and seniors in North Carolina.”
Property selections were based on market studies and site visits by agency staff, and new construction proposals were primarily ranked by site characteristics, design quality, and affordability.
“That funding process is very competitive,” Anderson said. “But fortunately we have a really experienced housing staff who work with developers, and we work really hard to approve projects that are close to transit and other amenities so that they score well and they’re competitive.”
Featured image via DHIC.
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