Passed in November 2020, the Affordable Housing Bond provides $80 million in funding to create and sustain affordable housing development in Raleigh from 2021-2026. Each year, funding is allocated to help accomplish the bond’s priorities set by Raleigh City Council.
Beginning July 1, $19.8 million in bond funding will be available for the following activities in fiscal year 2022-2023:
- $8 million for Site Acquisition: Allows the City to purchase land for affordable housing development near transit and supports the Wake County Acquisition and Preservation Fund
- $4 million for Public-Private Partnerships: Supports small-scale, non-profit projects and other rental projects near transit
- $4.8 million for Low-Income Housing Tax Credit Gap Financing: Allows developers to build new affordable housing options for low- to moderate-income residents
- $1.5 million for Owner-occupied Home Rehabilitation: Helps pay for major repairs so residents living near transit investments can stay in their homes
- $1.5 million for Homebuyer Assistance: Provides down-payment assistance to eligible first-time homebuyers in acquiring homes near transit investments
The Affordable Housing Bond supports the City’s aspirational goal of creating 5,700 new affordable housing units by 2026. To learn more about the bond and other affordable housing efforts, see Affordable Housing Goals.