Affordable housing summit to tackle hurdles

By Robert Eby
Posted Thursday, April 3, 2008

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Pittsboro, NC - In today's Chatlist Ed Williams asked a number of questions about the Affordable Housing Summit that will take place at the Community College in Siler City on April 11, starting at 9 a.m.

The County's Affordable Housing Task Force, of which I am a member, was directed by the Board of Commissioners to develop an Affordable Housing Policy for their consideration. What I say below has come out of our study, deliberation and discussion with many interested parties including government employees and elected officials, current providers of affordable housing in the Triangle, builders, developers, realtors and interested citizens. The Summit will bring together interested parties to have a full discussion of what has proven to work and what are the hurdles in providing affordable housing.

Definition of affordable housing: It includes the qualitative characteristics of providing housing for government employees, school teachers, police and fire men, and business employees who would like to live close to where they work. It also includes the quantitative terms of having a family income not more than 80% of the Average Median Income (AMI) in Chatham County or 50% of the AMI, depending on the type of housing being provided. Currently the AMI in Chatham is about $60,000 per year.

Such housing would be available only to those who are first time home buyers, have lived or worked in Chatham County for at least a year, and have passed certified education classes on homeownership.

It is intended to maintain long term affordability for each new affordable housing housing unit via appropriate deed restrictions.

With housing costs being so high in Northeast Chatham that not many houses are affordable to those families making $48,000 / year or less, it is our hope to find a way that developers and builders will provide some affordable housing in their plans.

What eventually is enacted into law, of course, is up to the Board of Commissioners.