Rental units would benefit seniors and families
The Wake County Board of Commissioners is now one step closer to adding up to 461 rental units to the existing affordable housing stock.
The board has unanimously approved allocating $11.1 million to support seven Low-Income Housing Tax Credit developments that will benefit seniors and families in Cary, Garner, Raleigh, Wake Forest and Zebulon. This county funding is critical to helping the developers successfully secure the tax credits they need from the NC Housing Finance Agency to make these units a reality.
“Wake County is committed to constantly looking for ways to preserve and expand the affordable housing units available in our community,” said Chair Shinica Thomas of the Wake County Board of Commissioners. “We’re proud that our financial support will help position these important projects as strong contenders for state tax credits.”
Every year, Wake County requests proposals from developers who need funding to build or preserve affordable housing. Wake County evaluates these proposals for feasibility and alignment with community needs and then recommends projects to the Wake County Board of Commissioners for support. The developers send the supported proposals to the NC Housing Finance Agency to compete for tax credits.
The 2024 request for proposals (RFP) resulted in recommendations of six new project proposals and one gap financing proposal for a previously awarded project.
They include:
- $2,675,000 for Hoke Street Apartments in Raleigh
- $2,310,000 for The Villas at White Oak in Garner
- $2,310,000 for The Villas at Wake Forest Crossing in Wake Forest
- $1,170,000 for Lorimer Spring Apartments in Raleigh
- $1,119,500 for Cross Creek Trace in Zebulon
- $830,000 in additional gap financing for Rose Park Manor in Cary
- $733,500 for Copeland Crossing in Zebulon
All of these units will be reserved for seniors or families who earn at or below 80% of the Area Median Income, with more than half of the units serving households earning at or below 50% of the AMI.
As a requirement of receiving funding from Wake County, the developments will create 58 more permanent supportive housing units than the state requires. All of the projects were determined to be financially feasible. They also meet Wake County policy goals and will provide long-term affordable housing for Wake County residents.
The NC Housing Finance Agency will announce final tax credit awards in August. Wake County will continue to receive and evaluate affordable housing development proposals through September.
