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Affordable Housing

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1. What is the Davidson affordable housing program?

The affordable housing program is a program that helps create housing opportunities for people at a variety of income levels. Certain housing units in developments have been set aside as affordable units available to income eligible households. The selling prices or rents of these units are maintained below the selling prices or rents of the market rate units in the same development that are available to the general public.

2. Why do we need an affordable housing program?

Everyone deserves affordable housing. However, as the cost of housing rises, many of us are forced to pay more than we can afford. The average cost of a new 2400 square foot home in Davidson is $350,000 and existing home sales have skyrocketed to over $400,000, making owning a home in Davidson impossible for many families.

3. What are the target income levels for the affordable homes?

The affordable housing program is available to individuals and families earning less than 50% and up to 150% of the area median income (AMI). The 2009 median income for a family of four is $66,500. Homes are available for households who earn $32,200 (or less) up to $96,450. (AMI) is determined by the Department of Housing and Urban Development on an annual basis and adjusted for household size, www.huduser.org/datasets.

4. What is the price of an affordable housing unit?

To be considered affordable, homes must sell or rent at a price that income-eligible households can own or rent without spending more than approximately 23% of their gross income for principal and interest on the mortgage. Housing expenses for rental housing include rent and utilities. The ordinance establishes affordable pricing requirements to ensure a range of affordability within each required income tier in for sale and rental developments.

5. How long must affordable units remain affordable and how long will affordability be maintained?

For Sale units created by the affordable ordinance must be maintained as affordable for 99 years. The Town will ensure long-term affordability through deed restrictions that run with the property. The deed restrictions will contain a resale formula designed to provide a fair return to owners of affordable units while at the same time ensuring that the units will be resold at a price affordable to future income-qualified households.
House-holds are not required to move out of an affordable unit if their income increases at a later date.

6. Where are the affordable housing units located?

The affordable housing units that have been approved by the Town Board and are currently available or under construction: Visit the individual affordable housing neighborhood pages for more information.

Summers Walk: Highway 73, across from the Bradford Farm and near the new Bradford Park, currently available.

South Main Square: directly off of Main Street, two blocks from downtown Davidson, behind Restaurant X and Fuel Pizza, currently available.

Walnut Grove: directly off of Main Street, behind the Merrell-Jennings gallery and the Wooden Stone gift store, under construction.

Harbour Place: Exit 30, beside the Homewood Suites Hotel and Davidson Day School, under construction.

7. What if I buy a unit and want to sell it at a later date? Are there any restrictions?

Yes. When you are ready to sell, you must contact the Affordable Housing Coordinator. You will be issued names from the waiting list of households that have been approved for affordable housing. The Affordable Housing Offices determines the maximum re-sale price in accordance with the formula in the deed restrictions.

8. Can I rent my unit to another person?

Yes, if you are unable to sell your unit. You are allowed to rent it at an affordable rent to an income-qualified household.

9. Is affordable housing subsidized housing?

The affordable units are priced below comparable units in the development that are not affordable. There is no additional reduction in the cost of the unit or the amount of the rent based on the specific income of the buyer or renter. The association fee charged to an affordable unit is a percentage of the fee charged to market rate units.

10. How and where do I apply?

Our office does not match people with homes to buy. We work with our non-profit partners at the Davidson Housing Coalition, to put people into homes they can afford. Please call them for more information at 704-892-4486 or www.davidsonhousing.org. You can also fill out an online application that will be forwarded to the Davidson Housing Coalition. More...