City Council approved three important actions at the July 1 Council Meeting to help bring more affordable housing to the City. These actions are all important pieces of the affordable housing puzzle.
Funding for Grosvenor Gardens
In April, the City awarded $1.2 million to CASA, a nonprofit affordable housing provider, to help repair 62 affordable apartments at Grosvenor Gardens on Hillsborough Street. Council has now approved the next step to get the funds to CASA to help improve the homes and keep them affordable for years to come. This funding is part of a program that offers low-interest loans to affordable housing developers.
25 New Homes in Southeast Raleigh
The City is working with Southeast Raleigh Promise, a nonprofit that preserves affordable, mixed‑income housing in Southeast Raleigh, to build 25 new affordable rental homes on nine City-owned lots. To help the project get the financing it needs, Council approved an option for the senior lender to take over the land lease if needed. This helps make sure the project will move forward, even if things change.
Support for New Apartments at The Averie
The Raleigh Housing Authority, a public housing agency, plans to support the development of 181 new affordable apartments at 4900 Old Poole Road. Council agreed to let the Housing Authority issue up to $32.5 million in bonds to help pay for the construction. This support does not cost the City anything but is needed to help the project move ahead.
These three approvals help the City of Raleigh add and protect affordable housing in different ways—by helping to fix and maintain existing affordable homes; by leasing City-owned land at a low cost to encourage more development; and by supporting new construction. For more information on the City’s affordable housing goals, visit Raleighnc.gov and search “affordable housing.”