North Carolina Construction News staff writer
Raleigh City Council has 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 in October 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.
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.
Their were four proposals for the initial pilot of this five-year program, and staff recommended partnering with Southeast Raleigh Promise. The proposed development plan included the new construction of 27 affordable rental units across 10 city-owned parcels.
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 lots will be available for long-term land lease in the future. Applicants who were not successful in the initial pilot program can reapply in future rounds.
They’ve been bleeding money into this part of Raleigh since I became a City of Raleigh employee in 1976. I retired in 2006. They make great strides to fix the area only to have to repeat it a few years later because the residents fail to take care of it. I can’t imsgine the amount of money that’s been spent here over the years….