A 2019 housing bond has yielded better-than-expected results.
A 2019 housing bond, the largest in North Carolina’s history, is showing significant benefits in Durham.
According to an article by Ryan Kushner in Smart Cities Dive, the $95 million bond approved by voters has led to the creation of 1,668 new affordable rental homes, surpassing the state’s original goal. “The city has also used the funding to preserve 888 housing units, surpassing its initial goal of 800. ”
Durham also moved 1,700 homeless residents into permanent housing and provided financial assistance to 4,730 households to remain housed or make critical home improvements.
The program performed less well in other areas such as homeownership: it only produced 125 affordable homes for low-income buyers out of its goal of 400 and fell short of its goal to create $130 million or more in contracting opportunities for minority and women-owned businesses.
FULL STORY: How Durham, North Carolina, kick-started affordable housing development
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