What is Affordable Housing? How We Work to Meet Our Goals Affordable Housing Bond Affordable Housing Annual Report
The City is committed to creating, preserving, and encouraging the development of affordable housing units in Raleigh. In 2016, the City established an aspirational goal to create 570 affordable housing units per year for 10 years, for a grand total of 5,700 housing units by 2026.
So far, the City has created and preserved 3,439 affordable housing units, completing over half of the 10-year goal.
The City’s efforts primarily serve low- and moderate-income (LMI) individuals and families. Income limits are set each year by the U.S. Department of Housing and Urban Development and are based on the Area Median Income (AMI) per city or county.
What is Affordable Housing?
While housing affordability is impacted by construction costs and the overall supply of available homes in the rental market, one factor stands above all others: increases in household income have not kept pace with increases in rent in recent decades. Moreover, the “gap” is projected to continue increasing.
The U.S. Department of Housing and Urban Development (HUD) defines affordable housing as when the rent or mortgage (principal, interest, and taxes included) does not exceed 30% of the household’s gross monthly income. For more information, please visit our What is Affordable Housing? webpage.
How We Work to Meet Our Goals
The affordable housing goal counts housing units that have been created and/or preserved through the following four activities:
- New single-family houses and townhomes constructed for affordable home buyers
- Affordable rental apartments that are newly constructed or preserved
- Homebuyers receiving financial assistance through the City's homebuyer assistance programs
- Owner-occupied homes repaired through the City's homeowner repair and rehabilitation programs
City-Funded Affordable Rental Developments
The map below provides an interactive look at city-funded affordable housing developments since 2016. To view a fullscreen version of the map and dashboard, please click here.
- Click and drag your cursor to view different areas of the map and double-click to zoom in
- Select a dot to see the project name, number of units, developer, or the status of the development
Affordable Housing Bond
The Affordable Housing Bond is an investment to support and enrich the lives of residents with household incomes that are 30%, 50%, 60%, and 80% of AMI. The bond, totaling $80 million, will be spent in stages over the next five years. To learn more, please visit the links below:
Affordable Housing Annual Report
We invite you to read the Affordable Housing Annual report to see the Department’s affordable housing initiatives and accomplishments in Fiscal Year 2022-2023 and our priorities for Fiscal Year 2023-2024. View/Download the Report
Affordable housing is important to City residents with stable housing benefit from increased family stability, improved education opportunities and career advancement, and reduced risks of homelessness. Affordable housing is also a key factor in community vitality and continued economic growth.
The City will continue to work toward the aspirational affordable housing goal, and periodic updates will be added to the Raleigh Housing website.
- View the Affordable Housing Update presented to City Council on Oct. 10, 2023.