Following tax credit approvals by the N.C. Housing Financing Agency, Wake County residents will soon have access to 780 more affordable housing units in Raleigh. This is a record-breaking increase, up significantly from the 563 units awarded funding in 2019.
Wake County will provide $9.44 million in gap financing for 712 of these units, with the remaining 68 receiving funding from the City of Raleigh. The units will include a mix of family and senior housing.
“Having a safe and affordable housing is something we need to strive for no matter what their economic situation may be,” said Wake County Commissioner Sig Hutchinson. “And to see how far we have surpassed the county’s goal of creating 500 new affordable housing units per year is truly inspiring, especially during the times of economic stress.”
Of the new units, 155 will be designated for permanent supportive housing, which combines affordable housing and supportive services to help individuals and families lead more stable lives. An additional 263 units will be reserved for families earning less than 50% of area median income.
The approved projects are:
- Aspen Springs, located on Rock Quarry Road, with 84 senior units;
- Booker Park South, on Booker Drive, with 68 senior units;
- Hampton Spring, on Buck Jones Road, with 56 senior units;
- Primavera, on Spring Forest Road, with 164 senior units;
- Rock Quarry Landing, on Rock Quarry Road, with 192 family units; and
- The Sussex, on N. Rogers Lane, with 216 family units.
“These results are the collective work of our Equitable Housing & Community Development Division,” said Wake County Housing Affordability and Community Revitalization Department Director Lorena McDowell. “Since its inception in 2018, this division has more than tripled the annual production and continues to far exceed yearly metrics.”
The awarded funds showcase the crucial partnership between government and developers required to reach and support vulnerable populations as Wake County continues to grow.
Each year, the Wake County Housing Department issues a request for proposals from developers willing to create new housing at affordability levels the market will not naturally create. Wake County then provides gap financing through a mix of county and federal dollars combined with Federal Low-Income Housing Tax Credits and other state funds administered by NCHFA.
With this NCHFA approval, developers can begin working with the City of Raleigh to launch the building process. All construction must be completed within the next two years.
