Following tax credit approvals by the N.C. Housing Financing Agency, Wake County residents will soon have access to 1,328 additional affordable housing units. This year’s number of units awarded is a record-breaking increase, up from the previous record of 780 units awarded funding in 2020.
Wake County will provide $11.1 million in gap financing for 642 of these units along with support from the City of Raleigh, Town of Apex and the Town of Holly Spring. The remaining 686 will receive funding from the N.C. Housing Finance Agency, along with some additional support from the City of Raleigh. The units will include a mix of family and senior housing.
“Wake County was facing a shortage of affordable housing long before COVID-19,” said Wake County Commissioners Chairman Matt Calabria. “Funding affordable housing projects at these record levels is a tremendous step toward ensuring that every resident in our community has a safe, stable roof over their heads. It is just the latest indication of the county’s unprecedented commitment to housing affordability.”
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 194 units will be reserved for families earning less than 50% of area median income.
The approved projects are:
- Broadstone Walk, in Apex, with 164 family units;
- Sportsmanship Crossing in Holly Springs with 124 family units;
- The Carrington in Zebulon with 72 senior units;
- Chandler Ridge Apartments in Raleigh with 228 family units;
- Departure Lofts in Raleigh with 170 family units;
- Milner Commons in Raleigh with 156 senior units;
- New Bern Crossings in Raleigh with 192 family units;
- The Terrace at Rock Quarry in Raleigh with 132 senior units; and
- Thrive at Renaissance in Raleigh with 90 family units.
“In 2018, we made a commitment of funding 500 affordable units per year for the next five years,” said Wake County Housing Affordability and Community Revitalization Department Director Lorena McDowell. “In just three short years, we’ve funded more than 2,119 units, a clear demonstration of the County’s commitment towards affordable housing and the collective work of our Department and the local municipalities.”
The awarded funds showcase how crucial the partnership between government and developers is to reach and support vulnerable populations, as Wake County continues to grow.
Each year, the Wake County Housing Affordability and Community Revitalization 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 respective municipalities to launch the building process. All construction must be completed within the next two years.