The City of Raleigh's Joint Venture Rental Development Program provides low-interest loans to developers of affordable housing. Using funds from the Affordable Housing Bond, federal, and other public sources, this financing tool makes it possible to build new units and charge rents that are affordable.
The City received three proposals for use of program funds. Raleigh City Council approved gap financing for all three proposals, totaling over $7 million, to create 344 new affordable rental units. The three rental developments will provide housing for households earning 70% of the Area Median Income (AMI) and below, with 44 units reserved for households at 30% AMI:
- Lake Haven (56 units): $738,979
- The Preserve at Gresham Lake (156 units): $3,275,000
- The Terrace at Rock Quarry (132 units): $3,150,000
The City's Joint Venture Rental Development Program is accepting proposals from developers on a rolling basis until September 30. To learn more, visit the Community Development RFP, RFQ, and NOFA page.