Durham unveils new program aimed to boost the city's affordable housing

City leaders in Durham on Thursday took a major step in making housing more affordable for residents.

The municipality launched the Affordable Housing Loan Fund, which is designed to help those with limited resources become homeowners.

The program allows non-profit developers to tap into a loan fund that they can use to build new affordable housing and it provides lines of credit to eligible borrowers looking to move into new homes.

The loans can range from $200,000 to over $2 million.

For Durham residents like Ernest Alston, finding an affordable place to live was no easy task.

"They told me we had a three-year waiting period," he said.

That's until he found the Denson Apartment Complex, which was run by CASA, a Durham developer who builds affordable housing.

By the time Alston found the complex, the military veteran was desperate.

"I'm in my 60s, and I didn't want to wait so long to get housing," he said. "And I was coming out of a shelter."

The landscape in Durham is changing dramatically with high-end condos and apartments being erected throughout the city.

Municipal and community leaders agree that affordable housing has become the forgotten piece of man construction plans.

The launch of the Affordable Housing Loan Fund aims to address that.

The initiative is a public/private partnership that targets non-profit developers, housing authorities and businesses that are committed to maintaining or building affordable housing in the Bull City.

"That gives us the power to really show up and be present as a player in the real estate transations that are occurring," said Jess Brandes. "And that's critical that the fund is doing that."

Residents like Alston, understand what this new tool means for others struggling to find an affordable place to live.

Said Alston: "I've had peace in my spirit (and) room to grow."

Durham's mayor believes this is a major step in the right direction for residents of his city.

"This provides our affordable housing developers 100 percent loan-to-value financing, flexible financing and they can move quickly in the market," Mayor Steve Schewel said.

The mayor said it's important for Durham voters to pass the affordable housing bond that's on the ballot next month to make the fund even more successful.