North Carolina Construction News staff writer
Raleigh City Council approved three separate actions Mar. 19, to support affordable projects:
- $750,000 in gap funding for the completion of 90 affordable rental units at Thrive South End
- $196,200 to completely rehabilitate an apartment complex used for emergency shelter for those experiencing homelessness
- Rezoning of property with conditions that include the construction of at least 10 affordable housing units
The city originally committed $2.1 million for the Thrive South End project in 2021. However, unexpected cost increases led to a request for gap funding, bringing the total spending to $2.85 million. The development, at 420 Chapanoke Road, is within half a mile of a future bus rapid transit (BRT) stop. The City’s overall land use plan puts density near transit, with affordable options near transit being the ultimate goal.
Funding for the apartment complex, located at 110 Athens Drive, is in the form of a forgivable loan. This will cover extensive renovations that will ensure people can live there long-term. A $150,000 grant was previously awarded for basic repairs to the building, bringing the City’s total contribution to $396,200. All contributions have been funded by the federal Community Development Block Grant (CDBG).
Lastly, property located at the intersection of Garner and East Tryon Roads has been rezoned to Residential Mixed-Use. This allows for a greater number and variety of housing types. One of the conditions added to the proposal is that at least 10 affordable housing units must be constructed. This will benefit individuals and families at or below 60 percent area median income (AMI) for at least 30 years.
Creating and preserving affordable housing continues to be a key priority for the City of Raleigh. These actions represent pieces of the affordable housing puzzle, which are complex on their own and combine to ensure that affordable housing options are available in our community.