Wake Board approves $2.4 million loan for 55 new affordable homes

1
570

North Carolina Construction News staff writer

The Wake County Board of Commissioners has approved a $2.4 million loan to build more than 50 affordable homes.

“Across the country, many are struggling to afford to become homeowners. Today, our board voted to help fund a project that will make it easier for families in our community achieve that goal,” said Shinica Thomas,” chair of the Wake County Commissioners. “Even if these homes are sold, they will remain affordable for two decades afterwards, securing future opportunities for even more residents to own a home in Wake County.”

Habitat for Humanity of Wake County expects to complete construction on the homes by 2026, including 50 on Old Poole Place in Raleigh and five on Harris Street in Wendell.

Buyers will have access to down payment assistance through Federal Home Loan Bank Affordable Housing Program grants, NC Housing Finance Agency’s Self-Help Loan Pool program, and 0% deferred loans from Habitat for Humanity of Wake County.

Most homes will be affordable for households earning up to 80% AMI, meaning a family of four earning $90,604 a year can afford this home. Additionally, Habitat will reserve eight homes for households earning up to $45,320 annually

1 COMMENT

  1. That comes to $48K per house. Let’s see an article on how that is even possible. Where is all the other money coming from and what is the actual cost per house? Is the city donating the land?

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.