Affordable Housing Bond 2020

Will be on the November 2020 Ballot


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Presentation to Council - September 2020 Bond Priorities Options What Income Levels will Qualify for Affordable Housing? Public Input Opportunities Past Committee and Public Meetings Meeting Presentations

Presentation to Council - September 2020

 

View Presentation Slide Deck below. 

Background

City Council directed the housing staff to look at two affordable housing bond options for the November 2020 ballot. A 24-person Affordable Housing Bond Advisory Committee was formed to:

  • Review the bond options
  • Seek public input
  • Make a recommendation to City Council on a preferred bond package 

View July 2020 bond update

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)

Options

Housing staff presented the council with two housing bond options in January 2020. Potential bond elements include:

•    Transit-oriented acquisition to support affordable housing
•    Public-private partnerships
•    Low-income housing tax credit gap financing
•    Homeowner rehabilitation
•    Down payment assistance

View two potential bond options - January 2020
Potential bond options - June 2020

What Income Levels will Qualify for Affordable Housing?

People with household incomes that are below the 30%, 50%, 60%, and 80% HUD AMI will benefit from the housing bond.

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% $19,800 $22,600 $25,450 $28,250 $30,500 $32,800 $35,050 $37,300
50% $32,905 $37,650 $42,350 $42,350 $47,050 $50,850 $54,600 $58,350
60% $39,540 $45,180 $50,820 $56,460 $61,020 $65,520 $70,020 $74,580
80% $52,750 $60,250 $67,800 $75,300 $81,350 $87,350 $93,400 $99,400

Public Input Opportunities

The Affordable Housing Bond Advisory Committee has concluded the public input period. The City of Raleigh will include an Affordable Housing Bond on the November 2020 ballot. To learn more sign up through MyRaleigh Subscriptions and select the Community Development News topic.

Past Committee and Public Meetings

Affordable Housing Bond Advisory Committee past meetings:

Meeting Presentations

Bond Options, Funding Options

Other Resources

Related Projects

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