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Affordable Housing Bond Status Report - January 2021
The Housing and Neighborhoods Department has put together a status report on the housing bond that includes a review of upcoming policy/program decisions, FY 22 budgeting and five-year phasing recommendations and the ongoing role of Affordable Housing Bond Advisory Committee.
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
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.