Affordable Housing Goals

Family Size	1	2	3	4	5	6	7	8
30% AMI	$22,500	$25,700	$28,900	$32,100	$34,700	$37,250	$39,850	$42,400
50% AMI	$37,450	$42,800	$48,150	$53,500	$57,800	$62,100	$66,350	$70,650
60% AMI	$44,940	$51,360	$57,780	$64,200	$69,360	$74,520	$79,620	$79,620
80% AMI	$59,950	$68,500	$77,050	$85,600	$92,450	$99,300	$106,150	$113,000

What is Affordable Housing?

While housing affordability is impacted by construction costs and the overall supply of available homes, in the rental market, one factor stands above all others: Increases in household income have not kept pace with increases in rent in recent decades. Moreover, the “gap” is projected to continue increasing.

The U.S. Department of Housing and Urban Development (HUD) defines affordable housing as when the rent or mortgage (principal, interest, and taxes included) does not exceed 30% of the household’s gross monthly income. Over 33% of households in Raleigh are “cost-burdened “or “severely cost-burdened,” spending 30% or more of their gross income on housing costs per month.

Low- and moderate-income households are most impacted by rising housing costs. The City provides homebuyer assistance, and homeowner repair and rehabilitation programs for households earning 80% of the AMI or below. It also provides low-cost loans to housing developers to increase the supply of affordable rental units.

A home under construction in the East College Park neighborhood.

How We Work to Meet Our Goals

The affordable housing goal counts housing units that have been created and/or preserved through the following four activities:

New single-family houses and town-homes constructed for affordable home buyers
Affordable rental apartments that are newly constructed or preserved
Homebuyers receiving financial assistance through the Raleigh homebuyer assistance program
Owner-occupied homes repaired through the Homeowner Rehab and Limited Repair Programs

Apartment buildings at Washington Terrace.

Affordable Housing Bond

The Affordable Housing Bond is an investment to support and enrich the lives of residents with household incomes that are 30%, 50%, 60%, and 80% of AMI. The bond, totaling $80 million, will be spent in stages over the next five years. To learn more, please visit the links below:

Affordable housing is important to City residents with stable housing benefit from increased family stability, improved education opportunities and career advancement, and reduced risks of homelessness. Affordable housing is also a key factor in community vitality and continued economic growth.

The City will continue to work toward the aspirational affordable housing goal, and periodic updates will be added to the Housing and Neighborhoods website.