Tuesday, January 2 marks another day of action on affordable housing for the City of Raleigh. City Council voted to approve a $5 million funding commitment to support the Battle Bridge affordable housing development.
Battle Bridge Development Details
Battle Bridge is a 200-unit development that will serve senior households with low incomes. The project will provide 100 one-bedroom units and 100 two-bedroom units. All units will serve households earning below 80% of the Area Median Income, with deeper income targeting and supportive units as listed below.
| Number of Units* | Area Median Income (AMI) Targeting | Maximum Income |
|---|---|---|
20 | 30% AMI | $23,800 for household of 1 |
34 | 50% AMI | $39,700 for household of 1 |
116 | 60% AMI | $47,640 for household of 1 |
30 | 80% AMI | $63,500 for household of 1 |
| 200 | ||
The Battle Bridge development is located in southeast Raleigh and within a half mile of a shopping center including a a grocery store, pharmacy, and bus stop. The City is eager to bring this much-needed affordable housing to our community.
About the Joint Venture Rental Development Program
The Joint Venture Rental Development program provides low-interest loans to help developers build or preserve affordable apartments. The City combines its financing with federal Low-Income Housing Tax Credits, bonds, regular loans, and other public funds. This program started in 1988 and has supported over 3,000 affordable homes in Raleigh. The city has a goal to create or preserve 5,700 affordable units by 2026.
To learn more about how the City is tackling the whole puzzle of affordable housing, visit our Affordable Housing 101 webpage. Stay in the loop on Raleigh Housing by signing up for email alerts under the topic "Community Development News."
