Row of houses on street corner in Raleigh

Southeast Raleigh Promise Awarded $2M in Bond Proceeds to Build Affordable Rental Housing

In May 2021, Raleigh City Council approved the use of available City-owned lots for the creation of new affordable housing options near downtown.

A Notice of Funding Availability (NOFA) was issued on October 25, 2021, making 20 City-owned lots available via long-term land leases, as well as $2 million in bond proceeds for the development of affordable rental projects and/or transitional housing. The notice specified that one-third of the units must target households earning no more than 30% of the Area Median Income (AMI). The funding and building sites were offered to non-profit developers or to partnerships between a mission-based non-profit and a for-profit developer.

The City received four applications. For the initial pilot of this five-year program, staff recommended partnering with Southeast Raleigh Promise. The proposed development plan from Southeast Raleigh Promise included the new construction of 27 affordable rental units across 10 City-owned parcels. 

During the City Council afternoon meeting on June 21st, Council approved the staff recommendation to extend a conditional commitment of up to $2 million in 2020 Affordable Housing Bond proceeds and City-owned building sites via long-term land leases to Southeast Raleigh Promise. 

Additional City-owned lots will be available for long-term land lease in the future. Applicants who were not awarded for the initial pilot program can reapply in future rounds. To learn about future bond activities, please see Affordable Housing Bond

Contact

 

Housing and Neighborhoods 
919-996-4330
cd.info@raleighnc.gov

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