Creating and preserving affordable housing is a key priority for the City of Raleigh. Making affordable units a reality can be complicated. It requires several layers of financing and other technical details.
One example of this complexity happened on February 20. The Raleigh City Council approved revisions to a previous loan to reflect changes in investor ownership and management and extend the affordability periods of each of the properties by 10 years. This action also authorized City officials to execute the necessary loan and regulatory documents.
The City originally executed loans totaling $1.45 million to support the construction of Perry Hill Apartments and Terrace Spring Apartments, which were constructed in 2007 and 2008. Both developments are 48 units and located in northeast Raleigh. The decision doesn't cost the City - or taxpayers - any money. But it does help keep almost 100 units affordable.
This action is another piece of the affordable housing puzzle. Visit our Affordable Housing 101 page to learn more about how affordable housing is created and preserved for our community.
