The Affordable Housing Special Revenue Fund (AHSRF) is a tool for increasing, improving and maintaining the stock of affordable housing within Carrboro and its planning jurisdiction. Applications to the AHSRF are reviewed by the Affordable Housing Advisory Commission who make funding recommendations to the Town Council.
Since June 2018, the Town Council has passed three half cent property tax increases, creating a dedicated revenue source for affordable housing. For Fiscal Year 21-22 the Council has approved an amount equal to 1.5¢, which is an allocation of $337,500.
Additional revenue sources for the Fund include payments made by developers in lieu of providing affordable housing units under the applicable provisions of the Land Use Ordinance. Other sources may include grants, donations, loans, interest payments, or other contributions or assignments.
In FY2021, a total of $330,737 was allocated to housing non-profit providers for the creation and preservation of affordable housing units, supporting housing related interlocal agreements and emergency housing assistance for Carrboro residents. Emergency Housing Assistance is administered by the Orange County Department of Housing and Community Development.
Funded projects included the construction of 4 new Habitat for Humanity homes, the rehabilitation of the Orange Community Residence House, which will provide permanent supportive housing, and critical repairs on 17 existing affordable units, a mixture of owner-occupied homes and rental apartments.