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April 15
Board Takes Next Step to Bring Hundreds of New Affordable Housing Units to Wake County

The Wake County Board of Commissioners on Monday, April 15, took another step forward in its efforts to expand affordable housing in our community. The board voted unanimously to provide gap funding for nine projects, which could bring 920 newly constructed affordable housing units to Wake County.

“Far too many of our working citizens and senior citizens can no longer afford to live in Wake County,” said Jessica Holmes, chair of the Wake County Board of Commissioners. “By committing to provide $12.6 million in gap funding for these projects, we’re doing our part to change that dynamic and increase affordable housing options for everyone."

This year’s proposed county gap funding represents an almost $10 million increase from last year thanks to the county’s 2018 historic investment in housing. The new units – located in Apex, Garner, Raleigh and Wake Forest – will include a mix of workforce, low-income and permanent supportive housing.

Developers apply for N.C. Housing Financing Agency tax credits with gap financing in place. Upon NCHFA approval, they can begin working with the municipalities where their projects are located to launch the building process. Construction must be completed within the next two years.

Each year, Wake County issues a request for proposals from developers willing to create new housing at affordability levels the market will not naturally create. Wake County provides gap financing through a mix of county, state and federal dollars combined with Federal Low-Income Housing Tax Credits administered by NCHFA.

NCHFA requires developers to include at least 10% of units for permanent supportive housing units to be considered for tax credits. Today’s recommended projects offer more than double the number of required units.

For a complete list of projects, view the Wake County board presentation.


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