City Approves $3.5 Million for Preservation of Affordable Rental Units

On November 21, Raleigh City Council voted to approve another piece of the affordable housing puzzle - $3.5 million in funding commitments for the preservation of 292 affordable rental units. The 292 units are spread across 5 developments that offer affordable rental options for households earning under 60% of the Area Median Income (AMI).  

*Units are set aside as Permanent Supportive Housing (PSH). PSH is permanent housing in which housing assistance (e.g., long-term leasing or rental assistance) and supportive services are provided to assist households. 

This funding comes from the City’s Joint Venture Rental Development Program, which provides low-interest loans to affordable developers. This program has been operating since 1988 and has provided funding for more than 3,000 affordable units in Raleigh. The City has a goal to create or preserve 5,700 units by 2026. 

It requires multiple programs and sources of funding to create and maintain affordable housing in Raleigh. To learn more about these many pieces of the affordable housing puzzle, including what affordable housing means and the City's strategy to address community needs, visit our Affordable Housing 101 webpage.