Summary
The city is moving forward with a plan to build 80 affordable housing units at 505 West Chapel Hill Street using 9% tax credits, while preserving the historic Milton Small Building and leaving the rest of the site open for future growth.
At a glance
- Total mentions
- 2
- Last 30 days
- 0
Last discussed Aug 6, 2026.
Impact analysis
Estimated gap funding subsidy ranging from $4.2 million to $6 million from city housing funds and partners.
Low-income residents, essential workers, and individuals in need of affordable housing downtown.
None identified, though some stakeholders expressed concerns about opportunity costs for city housing funds.
Mentions & discussions (2)
City Council (Work) - Aug 6, 2026
Staff presented a proposal for a $6.3 million development loan commitment with Laurel Street Residential LLC to construct 80 units of affordable housing on a portion of the city-owned 505 West Chapel Hill Street property.
City Council (Work) - Mar 19, 2026
The city is moving forward with a plan to build 80 affordable housing units at 505 West Chapel Hill Street using 9% tax credits, while preserving the historic Milton Small Building and leaving the rest of the site open for future growth.
Related development
505 West Chapel Hill Street Affordable Housing
The commission unanimously recommended approval with no public opposition.
505 West Chapel Hill Street Redevelopment
Brings much-needed affordable housing to downtown while requiring substantial city gap funding and preserving future development phases.
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