Affordable Housing Bond Funds, CIP Funds, and Surplus Property

Background 

Bond Funds

In November 2016, voters in Orange County approved a $5 million bond to support affordable housing projects in the county. Partial funding was awarded in 2017 and again in 2020. There are $769,680 in remaining Bond funds.

Capital Investment Plan (CIP) Funds

In June 2023, the BOCC allocated $15 million CIP funds for the development of affordable housing. These funds will be released in $5 million increments, the first of which will be distributed this year (2023). 

Surplus Land

On June 20, 2023, the BOCC declared 11 parcels of county-owned land as surplus for affordable housing. The County may:

  • Sell the properties by negotiated sale to either a public or private entity for the purpose of developing affordable housing for persons of low to moderate income (the property could be offered for below market rates to serve as a subsidy for the affordable housing project);
  • Lease the property to a public or private entity for the purpose of developing affordable housing for persons of low to moderate income (the lease rate could also be negotiated below market rate to serve as a subsidy for the affordable housing project); and
  • In the event that there are no developers interested in option (1) or (2), sell the property on the private market with the proceeds of the sale dedicated to other affordable housing projects.

The surplus properties are:

PINLocationJurisdictionAcreage
9865614458108 Mollie CourtHillsborough1.24
9865517394229 Daye StreetHillsborough0.64
9865622018Faucette Mill RoadHillsborough0.67
9844786326US 70 WestOrange County0.07
9844881230US 70 WestOrange County1.37
9844786242US 70 WestOrange County0.41
9778941081Wentworth StreetChapel Hill0.34
9778930971Wentworth StreetChapel Hill0.38
9778941099Wentworth StreetChapel Hill0.17
9778631313NC 54Carrboro0.91
9778635482NC 54Carrboro1.95


Timeline

Orange County plans to release an RFP for the remaining $769,680 bond funds, $5 million CIP funds, and 11 surplus county-owned land parcels for the development of affordable housing. The tentative timeline for the application process is as follows:

June 20, 2023Board of County Commissioners (BOCC) Approve Release of RFPs for Bond Funds, CIP Funds, and Surplus Land
July 10, 2023RFP Applications Released
July 26, 2023Application Workshop(s)
July 10-Aug. 30, 2023Applicant Preparation of Applications
Sept. 28th, 2023, 2 pmApplication Submissions are Due
Sept. 2023Review Applications – County Team
October 2023Affordable Housing Advisory Committee Review
October 2023BOCC consider approval of recommendations
Nov. 1, 2023Contracts Executed & Projects Begin