The city of Durham is looking at purchasing 4 condos for affordable housing near Durham Central Park. The condos will be built by Lambert Development and will be priced from around $200,000 to $500,000 depending on size.
The city of Durham needs to have affordable housing. Zoning is one way to achieve that but it is only one way. Mayor Bell has proposed buying four condos and then renting them back out on a subsidized basis. The money would come from a 1 cent property tax that the city dedicates to affordable housing each year. I don't know how else the city of Durham spends the money on but something like this is a start.
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