City Council Approves An Additional $5.6 Million to Bring More Affordable Housing Online

City Council approved more than $5.6 million in additional funding to further support the construction of 563 affordable homes across four developments.

The funding is part of the City's second round of Rental Development awards and will help move four affordable housing developments forward. All four projects had previously received City funding and applied for additional financing to help close gaps due to rising market-driven costs.

Council approved funding recommendations for the following developments:

Fisher Grove: $996,000

Council approved $996,000 in additional financing for Fisher Grove, which will bring 166 new affordable rental homes. The development will include one-, two-, and three-bedroom apartments for households earning between 20% of the area median income (AMI), or $21,180 for a family of two, and 60% AMI, or $63,540.

The development will also include 34 supportive housing units and nine homes set aside for referrals from City-approved housing programs. Located near grocery stores, public transit, and other everyday services, Fisher Grove will help connect residents to housing and community resources.

Rendering of the Preserve at Gresham Lake — Rendering from LDG Development

Preserve at Gresham Lake: $2.7 million

Council approved $2.7 million in additional financing for Preserve at Gresham Lake, which will provide 156 affordable rental homes. The development will include one-, two-, and three-bedroom apartments for households earning between 30% AMI, or $31,800 for a family of two, and 70% AMI, or $74,130.

The development will also include 39 supportive housing units and 20 apartments supported by project-based housing vouchers. Construction is already underway, expanding affordable housing choice in northeast Raleigh.

Rendering of Duplex Village — Rendering from Blue Ridge Cascade

Duplex Village Redevelopment: $1 million

Council approved $1 million in additional financing for Duplex Village, which will bring 129 new affordable rental homes to New Bern Avenue. Built on City-owned land, all apartments will remain affordable for at least 80 years. The development will include one-, two-, and three-bedroom apartments for households earning between 30% AMI, or $31,800 for a family of two, and 70% AMI, or $74,130.

The development will also include 26 supportive housing units and 7 homes set aside for City-approved housing referrals. Located near the planned New Bern Avenue Bus Rapid Transit corridor, Duplex Village will provide residents with greater access to transportation and everyday services.

Heritage Park 1A Family: $1 million

Developed by Brinshore Development in partnership with the Raleigh Housing Authority, Council approved $1 million in additional financing for Heritage Park 1A Family, which will bring 112 new affordable rental homes. The development will include one-, two-, three-, and four-bedroom apartments for households earning between 30% AMI, or $31,800 for a family of two, and 80% AMI, or $84,720.

The development will also include 24 supportive housing units and six homes set aside for City-approved housing referrals. As part of the larger Heritage Park redevelopment, this phase will help expand affordable housing opportunities near downtown Raleigh, with convenient access to public transit and everyday services.

These developments support Raleigh's broader Affordable Housing Plan, A Home for Every Neighbor, which focuses on increasing the supply of affordable housing, improving affordability across the housing market, and ending and preventing homelessness.

Through continued investments and partnerships, the City is working to help more residents find safe, stable, and affordable places to call home.

Was this page helpful?

Yes

Please choose the type of issue you are experiencing with the page from the dropdown.

Comments

Would you like to be notified by the City about your feedback?

This feedback widget is not intended for customer service issues.

This feedback is reviewed monthly to help us improve our site. For immediate customer service please refer to our staff directory.

Share