Housing Diversity

Program Overview

The Housing Diversity Program is designed to create mixed-income communities by providing a continuum of housing needs from supportive housing to maintaining homeownership. 

The Housing Diversity Program not only addresses the need for new construction; it also allows for the preservation existing housing through rehabilitation of both single and multifamily housing units. The Housing Diversity Program contains six supporting programs that will address a continuum of housing needs and assist in increasing the supply of safe, decent and affordable housing for all income levels throughout the city. 

1. Housing Locational Policy Acquisition Program to support the development of new, assisted multifamily housing in permissible areas, as defined in the revised Housing Location Policy. 
2.  Tax Credit Set Aside Program to provide funds to developers receiving a North Carolina Low-Income Tax Credit Award from the North Carolina Housing Finance Agency for construction of new or rehabilitated multifamily housing developments serving households earning 60% or below the area median income.
3. Supportive Services Housing Program to provide funds for developments that further the goals of the Ten-Year Plan to End and Prevent Homelessness.
4. Incentive-Based inclusionary Housing Program to encourage the development of affordable housing by the private sector.
5. Single-Family Foreclosure/Blighted Acquisition and Rehabilitation Program to assist nonprofit developers or homeowners to acquire/rehabilitate and reuse foreclosed and blighted single-family properties to expand the supply of affordable housing in neighborhoods throughout the city.
6. Multi-Family Rehabilitation and Acquisition Program to provide funds to acquire and renovate housing units in certain areas of town suffering from high vacancy rates and in financial distress, and make them available for the provision of affordable housing. This program would have a significant impact on increasing the supply of affordable housing units.

Program Funding and Cost Information

$60 million from voter-approved Housing Bonds ($15 million each in 2014, $15 million in 2016, $50 million in 2018 and $25 million in 2020)

Public Involvement

Community engagement activities will occur throughout the project’s duration to keep those interested in the project informed and provide opportunities for the public to share ideas, opinions and concerns.