North Carolina Construction News staff writer
Raleigh city council voted last week to commit $5 million for the Battle Bridge affordable housing development.
Battle Bridge is a 200-unit development being built for senior households with low incomes. The project will include 100 one-bedroom units and 100 two-bedroom units. All units will serve households earning below 80% of the Area Median Income.
The development is located in southeast Raleigh and within a half mile of a shopping center including a a grocery store, pharmacy, and bus stop. The city says in a statement that it is eager to bring this much-needed affordable housing to the community.
The Joint Venture Rental Development program provides low-interest loans to help developers build or preserve affordable apartments. The city combines financing with federal low-income housing tax credits, bonds, regular loans, and other public funds. The program started in 1988 and has supported more than 3,000 affordable homes in Raleigh. The city has a goal to create or preserve 5,700 affordable units by 2026.
Click here to learn more about affordable housing in Raleigh.