Spending Plan Current Activities Future Activities Additional Sources of Funding
The total bond amount of $80 million will be utilized in stages over the next five years, beginning on July 1, 2021. City Council approved the bond spending plan in January 2021.
In the 2022-2023 fiscal year, $19.8 million in bond funding will be committed toward creating and sustaining affordable housing development in Raleigh.
|FY23 ACTIVITIES||AMOUNT BUDGETED|
|Direct City Acquisition of Sites Near Transit Corridors||$6 million|
|Wake County Acquisition/Preservation Fund||$2 million|
|Small-Scale Nonprofit Projects and Rental Projects Near Transit||$4 million|
|Low-Income Housing Tax Credit Gap Financing||$4.8 million|
|Home Repairs for Eligible Residents Living Transit||$1.5 million|
|Downpayment Assistance for Eligible Homes Near Transit||$1.5 million|
Currently, the City is working on the following activities:
- Small-Scale Rental Projects Development: A total of $2 million in bond proceeds will help support the creation of transitional housing and affordable rental projects in which at least one-third of the units are targeted to the <30% AMI. A conditional commitment has been extended to Southeast Raleigh Promise. Learn more
- Equitable development around transit is a focus for fiscal years 2021-2023. The consideration of growth around future transit corridors, such as Bus Rapid Transit (BRT), ensures residents can live near and easily access work, school, and community resources.
- King's Ridge: The City will provide $7 million in bond proceeds, with an additional $1.4 million in federal funds, toward the development of King's Ridge. CASA, a local nonprofit organization, will build and manage the property. Apartments are reserved for households exiting homelessness with incomes at or below 60% of the Area Median Income (AMI), with a priority given to households at 30% AMI. Learn more
- Expansion at Healing Transitions: The City will contribute $3 million in bond proceeds toward an expansion and renovation of its men’s campus, adding 110 beds. The funds will also allow for expanded living and program spaces to better serve the community. Learn more
To see Affordable Housing Bond updates made to City Council, visit the Bond Status Reports page.
Each year's activities align with the priorities and staff recommendations that were approved by City Council. An overview of the activities for years 2023-2026 are included below.
|Activity||Total Amount Budgeted||Fiscal Years Available|
|Direct City Acquisition of Sites Near Transit Corridors||$12 million||2022-2023|
|Wake County Acquisition/Preservation Fund||$4 million||2022-2023|
|Small-Scale Nonprofit Projects||$10 million||2022-2026|
|Voluntary Inclusionary Projects Near Transit||$8 million||2023-2026|
|Low-Income Housing Tax Credit Gap Financing||$24 million||2022-2026|
|Owner-Occupied Home Rehabilitation||$6 million||2023-2026|
|Homebuyer Assistance||$6 million||2023-2026|
Additional Sources of Funding
The 2020 Affordable Housing Bond is just one of the ways the City is addressing the need for affordable housing. In addition to the bond, federal, local, and emergency CARES Act funding will be utilized over the next five years.
The chart below includes an estimate of the total combined funding the City is dedicating toward affordable housing and services for families with low-to-moderate incomes.
|General Funds||$33.8 million|
|Affordable Housing Bond||$80 million|
|Emergency Rental Assistance from U.S. Department of Treasury||$25.6 million|
|Entitlement Funds from U.S. Department of Housing and Urban Development (HUD)||$4.8 million|
|CARES Act Funds||$9 million|
|American Rescue Plan Act Funds||$10 million|