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Priorities
City Council provided guidance on the following bond priorities:
- Provide generally equal geographic distribution with project investments
- Provide a range of housing types and income levels in coordination with Wake County
- Include new units and rehabilitated units where financially viable
- Seek innovative development partnerships
- Seek projects and acquisition opportunities near planned transit routes like Bus Rapid Transit (BRT)
Bond Elements
Housing staff presented the council with two housing bond options in January 2020. Bond elements included:
- Transit-oriented acquisition to support affordable housing
- Public-private partnerships
- Low-income housing tax credit gap financing
- Homeowner rehabilitation
- Down payment assistance
What Income Levels will Qualify for Affordable Housing?
The Affordable Housing Bond is an investment to support and enrich the lives of residents with household incomes that are 30%, 50%, 60%, and 80% of AMI.
AMI stands for Area Median Income. It is calculated and released every year by the U.S. Department of Housing and Urban Development (HUD).
| MAXIMUM INCOME LIMITS | FAMILY OF 1 | FAMILY OF 2 | FAMILY OF 3 | FAMILY OF 4 | FAMILY OF 5 | FAMILY OF 6 | FAMILY OF 7 | FAMILY OF 8 |
|---|---|---|---|---|---|---|---|---|
| 30% | $22,500 | $25,700 | $28,900 | $32,100 | $34,700 | $37,250 | $39,850 | $42,400 |
| 50% | $37,450 | $42,800 | $48,150 | $53,500 | $57,800 | $62,100 | $66,350 | $63,200 |
| 60% | $44,940 | $51,360 | $57,780 | $64,200 | $69,360 | $74,520 | $79,630 | $84,780 |
| 80% | $59,950 | $68,500 | $77,050 | $85,600 | $92,450 | $99,300 | $106,150 | $113,000 |