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 23-24the Council has approved an amount equal to 1.5¢, which is an allocation of $393,046.
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.
Nonprofits and qualifying individuals who are working with nonprofits are eligible to apply to the fund for projects that meet one of more of the goals in the Affordable Housing Goals and Strategies.
Application deadlines are October 5th, January 5th, April 5th.