Access to stable, affordable housing is critical to the well-being of residents in our area. Community organizations, state and federal agencies, and local city and county governments all have a piece of the puzzle for creating enough options for the community. The City of Raleigh administers funding and programs to support the development of affordable units, preserve naturally occurring affordable housing, and strengthen our neighborhoods.
On Tuesday, September 19, Raleigh City Council took action on two more pieces of the puzzle to strengthen the City’s efforts on affordable housing.
Land Purchase for Affordable Units
The City approved $6 million to purchase land that is being developed for an affordable rental development, Parkside Apartments. The property, located at 1327 & 1329 Kent Road, is well-positioned in a high-frequency transit area adjacent to shopping and other services. The City plans to lease the site back to the project developer, Blue Ridge Atlantic.
The 144-unit Parkside Apartments development will have 36 one-bedroom units, 60 two-bedroom units, and 48 three-bedroom units, and will serve households earning between 30% and 80% of the Area Median Income (for example, $34,000 to $90,650 for a family of four).
Funding to Keep Renters in their Homes
Last year, CASA, a local non-profit affordable housing developer, acquired a historic apartment community in downtown Raleigh for $12 million in partnership with the City and the Wake Affordable Housing Preservation Fund. The apartment community, Grosvenor Gardens, was one of the few remaining naturally-occurring affordable rental options downtown.
Once CASA took over Grosvenor Gardens, a rent increase was still necessary to meet all the operating costs, including loan payments and property maintenance. To help address this gap, the Council authorizes $68,000 to prevent a rental increase for 22 people who live in Grosvenor Gardens and make less than $39,700.
The City is grateful for our ongoing partnership with CASA and Wake County through the Wake Affordable Housing Preservation Fund to ensure naturally occurring affordable housing may remain affordable for Raleigh residents. We will continue to work together to find long-term solutions to maintain affordability.