Gap Financing for Rental Development Small-Scale Rental Development Affordable Housing Preservation Expedited Affordable Housing Development Review
The City of Raleigh invests millions of dollars each year to support the development of affordable rental properties. Learn more below about how developers can partner with the City to create inclusive, stable rental opportunities for Raleigh residents.
Gap Financing for Rental Development
The City's Rental Development Program provides gap financing to developers of affordable multifamily housing to build or purchase and rehabilitate privately owned and managed affordable rental units. City funds are leveraged with federal low-income housing tax credits, bond financing, conventional financing, and/or other public funding sources.
Small-Scale Rental Development
In 2021, the City piloted a Small-Scale Rental Development program combining funds from the 2020 Affordable Housing Bond and City-owned lots in downtown Raleigh.
The Small-Scale Rental pilot aims to build on text changes to the Unified Development Ordinance (UDO) that allow "missing middle" housing to be built on lots zoned for single-family residential in order to create rental options that are affordable to low-income households.
The Small-Scale Rental Development program is open to non-profit developers of affordable housing and for-profit developers partnering with a mission-driven non-profit.
Subsequent rounds of funding for the program will be announced through a Notice of Funding Availability (NOFA).
Affordable Housing Preservation
The City invested $4 million in Affordable Housing Bond funds to help create the Wake County Affordable Housing Preservation Fund. The Fund will provide multifamily developers below-market capital to acquire and preserve existing rental units.
The Fund is being administered by Self-Help Ventures Fund, and leverages investments from Wake County and the City of Raleigh to attract additional capital from banking partners to create a $61.6 million fund.
To learn more and apply for funding, visit wakegov.com/PreservationFund.
Expedited Affordable Housing Development Review
The City of Raleigh has implemented an expedited development review process for affordable housing projects that receive City subsidy. The new process shortens the project review timeline by up to 60 days, relative to other developments with comparable review requirements.
City staff also convene a bi-weekly meeting with affordable housing project developers, architects, designers, and engineers to discuss each qualified project through various stages of review, answering questions, and collaborating to meet any critical deadlines.
To begin the expedited process after project has received City subsidy:
- Schedule a sketch plan session with Planning & Development to receive feedback in advance of submitting your project for review
- Submit review materials directly to Planning & Development staff to save time with same-day input into the Energov system
While there is no change to the review timeline for the first submittal of an ASR, SPR, or BLDNR, all subsequent ASR, SPR, and BLNDR submittals are reduced by 5 business days. There is also a free, mandatory 30-minute staff and applicant meeting after submitting the first review. Building permits with one or two outstanding trades can be routed directly to the reviewer with a 5-day turnaround, saving up to 10 additional days on review.