Consider Approval of Budget Amendment 2019-21 to provide funds for the purchase of 153/155 Mock Road Home to the Davidson Housing Coalition

Town Manager Jamie Justice and Finance Director Pieter Swart

Summary: The mayor and commissioners have been discussing the preservation of affordable housing in Davidson through the use of the payment in lieu funds the town has collected. Recently, a house located on two lots at 153/155 Mock Road, has come available. The Davidson Housing Coalition has agreed to purchase this home so that it can be preserved and maintained as an affordable housing unit in town. The town and Davidson Housing Coalition have a history of partnering together on affordable housing units for the Davidson Housing Coalition to maintain and manage as an extension of the town’s affordable housing program.  Acquiring this property ensures that the home can remain affordable.

The request is for the board is to amend the budget to appropriate up to $210,000 for the acquisition of these properties and any related costs.  The funds would come from the town’s payment in lieu program. An agreement would be consummated between the town and Davidson Housing Coalition regarding this transaction.