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11/04/2026 12:54 pm

2026 Bond Referendum

On Nov. 3, 2026, City of Raleigh residents voted to approve a referendum that allows the City to borrow $203 million in general obligation bonds for transportation and housing projects.* The City will be able to borrow this money without raising property taxes. 

What is a bond?

A bond is a tool used by local governments, like the City of Raleigh, to fund high-cost projects like housing and roads. To raise money, the City will borrow money by selling bonds to investors and pay back the money over time with interest. Learn more about bonds on our Bonds 101 webpage.

Why isn’t a tax increase needed?

The City began strategically setting aside money for large capital projects in a dedicated Debt Fund starting with the FY26 budget. We call this Steady State. Each year, money from both sales and property taxes contribute to the fund, though the amount will fluctuate annually. The City's financial team estimates how much debt it can afford utilizing the Debt Fund without increasing taxes. That amount is currently $203 million every four years. 

While property and sales tax collections generally increase year to year, there is a risk they may decrease. This would reduce the amount of debt available through Steady State. 

a home with Raleigh skyline in background

How will the bonds be used?

Two separate bonds were approved by voters, one for housing ($101.5 million) and one for transportation ($101.5 million).

East College Park Housing

Housing Bond
$101.5 million

$57.6 million

Housing development and preservation efforts


Creating new affordable housing and preserving affordable housing that already exists.

$10.4 million

Homebuyer assistance and preservation goals


Programs that work to keep seniors at home as they age and home-buyer assistance programs for eligible buyers that earn at or below 80% of the area median income.

$21.5 million

Reserve for major project development


Higher-profile redevelopments of City-owned sites to create vibrant communities for a variety of income levels.

$12 million

Homelessness response


Funding for Wake at Home, a public-private partnership coordinated by the Wake County Continuum of Care that supports the decommissioning of homeless encampments and connecting people living outside to housing and services. 

Aerial view of a large intersection

Transportation Bond
$101.5 million

$51.5 million

Three road infrastructure projects


Marsh Creek Road and Trawick Road-West, Ebenezer Church Road, and general-purpose lanes along the Southern Bus Rapid Transit corridor that are not eligible for federal funding.

$40 million

Transportation plans and programs adopted by Council
  • The “Big Jump” an expansion of safe walking and biking networks with more than 5 miles of sidewalks and 50 miles of bikeways in a five-year timeline. The Big Jump is part of the Active Mobility Plan.  
  • Investments that support the adopted Comprehensive Safety Action Plan. This plan uses data to recommend changes to traffic flow and infrastructure at busy intersections or near schools to reduce or eliminate traffic fatalities and serious injuries.

$10 million

Neighborhood Traffic Management Program and partnerships


Traffic calming and intersection safety on neighborhood streets as well as partnerships that help support existing planned projects.

How has the City used bonds in the past? 

The City uses bonds to fund major projects including infrastructure, housing and parks. Some recent projects funded by bonds include:

Milner Commons
Milner Commons (2020 Housing Bond)

An affordable apartment complex that opened this spring featuring 156 units for seniors making 40 to 60 percent of the area’s median income.

Learn more

 

Pines at Peach Ribbon Cutting
The Pines at Peach Road (2020 Housing Bond)

A new affordable apartment complex for residents making 40 to 60 percent of the area median income. The City purchased land with funds from the 2020 Housing Bond and 119 apartments were created.

Learn more

Colorful discs line a wall along a roadway where a vehicle drives past
Atlantic Avenue (2017 Transportation Bond)

This project created a wider road, dedicated left-turn lanes, and a median for drivers as well as extended sidewalks and a multi-modal path for pedestrians and cyclists. The project used funds from the 2017 Transportation Bond for these improvements between Highwoods Blvd. and New Hope Church Road.

Learn more

multi-use path
Blue Ridge Road (2017 Transportation Bond)

One of the City’s Complete Streets projects, we installed curb-and-gutter, sidewalks, and a multi-use path, all of which opened earlier this year between Duraleigh Road and Homewood Banks Drive.

Learn more

Frequently Asked Questions

If the projects end up needing more funding than what the bonds allow, how would the City fund the incremental needs?

City Council always has the option to supplement the bond funding with revenues from other sources including public/private grants as well as City funds that might be available.

Will my taxes go up to fund the bonds?

No additional property tax increase is required to pay for the 2026 general obligation transportation and affordable housing bonds.  

The projects identified above are planned uses of bond proceeds and are subject to change. Bond proceeds may be allocated to other eligible projects or uses, provided such uses are consistent with the intent and authorized purposes of the applicable bond orders. 

Resources

 

Bond Referendum Fact Sheet (PDF)

*Based on unofficial election results.