Affordable rental development gap financing available

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North Carolina Construction News staff writer

The City of Raleigh’s housing and neighborhoods department has announced the availability of funding for qualified developers with proposals for new construction, acquisition, and/or rehabilitation of affordable multifamily rental units.

Funds are available from local funding sources including the 2020 affordable housing bond, and federal HOME funds. Please see the Notice of Funding Availability (NOFA) for details.

About $24 million in affordable rental development gap financing is available. To qualify, rental units must be affordable to households with incomes at or below 80 percent of the Area Median Income (AMI).

Applications will only be accepted through the online application portal, Neighborly Software. To get started, visit the online portal and register for a new account. Hard-copy or emailed applications will not be accepted.

Click here for application deadlines, schedules, and information about eligible projects.

Contact Raleigh’s housing programs manager to schedule a pre-submission meeting or call 919-996-6976.

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