Wake County officials recently committed to developing affordable housing in Raleigh and throughout the county, pledging $12.6 million to the effort. The vote was unanimous.
The decision means that developers would receive funds to build 920 affordable housing units to add to the area's inventory, if the proposed projects receive tax credits this fall from the North Carolina Housing Finance Agency. Developers often need help in the form of tax credits when they are building housing that is subsidized. The developers would repay the loan, at favorable rates, over a period of 20 to 40 years.
Wake County's housing director, Lorena McDowell, said the challenge facing the county is significant, but she feels it is prepared. The county is growing, meaning housing needs to grow as well. Last year, the county paid for 440 units, but of those, only 190 got tax credits. County officials hope this year, over half of the units will be approved. As projects like this are built, developers can use brochure printing to illustrate their amenities to potential renters.
Nine projects are being discussed; five in Raleigh, one in Apex, one in Wake Forest, and two in Garner. The five in Raleigh proper are Abbington Square, which will have 82 units; Abbington Village, with 85 units; Hampton Spring with 56 units targeted for those over 55; The Sussex, with 216 units; and Toulon Place, with 200 units.
