Urban areas throughout North Carolina have taken the initiative to address and add affordable housing options to their housing stock. The various cities have approached projects differently and achieved measurable results. Each solution shared in public and private leadership, acknowledging the need and then championing specific projects that will create diversified options for their communities. Our local governments can learn and benefit from their progress.
Below are a few examples of initiatives to increase affordable housing; it is worth noting that the projects required public and private – both non-profit and for profit – partnerships and resources. Local governments, with the support of concerned citizens, have lead the way by increasing resources available for working families to purchase or rent safe, decent, housing in a neighborhood that provides access to jobs, schools and other opportunities. At the same time, they’ve come together to preserve existing affordable housing for residents by funding housing rehabilitation and repair programs.
Durham, N.C.
Penny for Housing
Southside Revitalization Project
Durham’s City Council dedicated a penny of the city’s property tax for affordable housing. As a result, the city has been able to leverage other partners in a large-scale revitalization of the Southside neighborhood. Among the many partners are Duke University, Self Help Credit Union, North Carolina Housing Finance Agency, and private equity investors. The Southside Revitalization Project encompasses 125 acres located between downtown Durham and North Carolina Central University. The site had the lowest homeownership rate and the highest concentration of vacant housing of any neighborhood in Durham. The objective of the revitalization strategy for Southside is to attract long-term private investment. The Southside revitalization strategy has four major components:
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