New project will bring 144 new apartment units in Raleigh

In a significant step toward addressing the pressing need for affordable housing, the Wake County Board of Commissioners has approved a loan of more than $5.7 million to support creating 144 new affordable housing units. The new development named Parkside Apartments will be located on Kent Road in Raleigh, a convenient location close to downtown.

"We recognize the urgent need for affordable housing options in our county, and the approval of funding for the Parkside Apartments project underscores our commitment to creating a community where every resident has access to safe and affordable housing," said Shinica Thomas, Wake County Board of Commissioners Chair. "This initiative aligns with our efforts to enhance community vitality and improve the quality of life for our residents."

Parkside Apartments, spearheaded by Blue Ridge Atlantic Development, aims to provide much-needed housing opportunities for low-income families in the area. Developers expect to break ground on the project by June 2024.

The units will cater to families making up to 80% of the Area Median Income. The Wake County AMI is currently $117,000 for a family of four. Approximately 45% of the units will serve very low-income households earning 50% of the AMI or less, including 10% of units targeting households earning 30% of the AMI or less. Additionally, 10% of the units will be set-aside for Wake County permanent supportive housing voucher clients, who are individuals or families needing support and financial assistance to live independently. Proposed rent and utility costs will be $637-$2,017.

The approved $5.7 million loan will be allocated through Wake County’s Affordable Housing Development Program, which has been a key instrument in promoting affordable housing initiatives. In addition, the City of Raleigh is also contributing $6 million toward purchasing the land and leasing it back to the developer for a nominal fee. Those commitments are contingent on the developer receiving Low-Income Housing Tax Credits from the North Carolina Housing Finance Agency and bond issuance from the Raleigh Housing Authority. The total funding for this project is currently estimated at $49.3 million.

Since its inception in 2018, Wake County’s Affordable Housing and Community Revitalization department has committed or reinvested funding to create and preserve 3,766 units of affordable housing, including this pending commitment for Parkside Apartments. This includes 1,089 units affordable to households earning at or below 50% AMI, and 771 permanent supportive housing set-aside units.

Quick summary notes:

• The Wake County Board of Commissioners has approved a $5,755,000 loan to support the construction of Parkside Apartments, an affordable family housing development in Raleigh, NC.
• Parkside Apartments is a proposed 144-unit affordable rental development located at 1327/1329 Kent Road in Raleigh.
• Proposed rent and utility costs will be $637-$2,017.
• Approximately 45% of the units will serve households earning up to 50% of the AMI, and 10% of units will be set-aside for Wake County supportive housing voucher clients.
   

This action by the Wake County Board of Commissioners supports goal number 5: Community Health & Vitality, which includes creating and preserving affordable housing.