If you’ve lived in Durham long enough to watch the rent climb and the neighbors leave, the city’s new Accessible Dwelling Unit pilot program was built with you in mind.
With this new initiative, homeowners will be able to build small rental units, around 300 square feet large, on their single-family properties. The city is offering loans of up to $80,000 at a 2% fixed interest rate over 30 years and in return, homeowners must agree to rent to tenants earning no more than 80% of the area median income for the life of the loan.
Who gets into this program is where it gets specific. Tenants are selected through a tiered lottery that prioritizes lower-income applicants, residents of formerly redlined neighborhoods, and people who have lived in Durham for at least a decade. “We want these funds to go towards folks who need the funds the most,” said Topher Thomas, founder of Coram Houses, which is partnering with the city on the program…