Yahoo Finance Triangle nonprofit to start construction on 100-unit housing complex for low-income tenants
CASA, a Triangle nonprofit that funds affordable housing, is accepting funds to build a 100-unit housing complex in east Raleigh near WakeMed for low-income tenants.
King’s Ridge, which will cost an estimated $18.5 million to build, will target homeless households earning 50% or less of the area median income, with an emphasis on families at or below 30%.
“It will end homelessness for both single adults and families,” said CASA senior director Missy Hatley. “We’re building it as a permanent supportive housing community.”
Hatley said CASA is targeting households with less than 30% of the area median income because of the severely limited options available to those in that income bracket.
“That 30% AMI (income) is very difficult to reach in new construction projects, even with affordable housing tools that exist in the state and in the community, and that is why we are developing King’s Ridge,” Hatley said.
How King’s Ridge will work
Tenants at King’s Ridge will sign a lease annually, if they choose to stay each year, and will pay a third of their income on rent.
There will be studio, one-, two- and three-bedroom floor plans.
CASA will target single adults and families who live with a disability, have a history of homelessness and don’t have the credit to qualify for other housing on the market.
“It’s about access and really saying ‘yes,’ instead of people hearing ‘no,’” Hatley said. “It is designed to be either a stepping stone or a permanent home. We’re grateful that we’ll be able to help move families that are stuck in motels out into an apartment, and for some folks, it could be a period of gaining stability, rebuilding credit, paying down debt, and then moving on to another housing opportunity in the community.”
With 100 units being built, King’s Ridge will house more than 10% of Wake County’s homeless population, 970 people as of 2019, according to the U.S. Department of Housing and Urban Development.
But it is likely an undercount because the data is gathered at one point in time instead of being averaged over a given year.
CASA will announce more eligibility requirements once King’s Ridge gets closer to opening.
Hatley said CASA expects construction to start in spring 2022 with a planned opening some time in 2023.
Public and private funding
As of last week, CASA had surpassed its construction goal, reaching $19.5 million in donations.
Hatley said they need additional funding for furniture and for staff.
CASA also has an endowment goal of $2 million, of which $800,000 has been given from individual donors.
Among the $19.5 million, public funds include $8.4 million from the City of Raleigh and $4 million from Wake County.
There are also considerable donations from the private sector, including $500,000 from Bank of America, $250,000 from Christ Episcopal Church and $200,000 from Wells Fargo.
Alliance Health, the AJ Fletcher Foundation, the Miller Family Foundation, Baker Roofing and Wake Stone Corp. are among those who have contributed $100,000 or more.
“I really commend all of our private sector donors for coming together to make this happen,” Hatley said. “We’re so excited that such a great number of businesses, individuals and faith groups are investing in building this community.”
Rev. James Adams at Christ Episcopal Church said that they’ve worked with CASA on King’s Ridge because of the group’s approach to affordable housing.
“The big thing to me is that it represents a philosophical shift. This is a housing first model, as opposed to looking at homelessness as a problem that’s insurmountable,” Adams said. “The problem with homelessness is a lack of housing, and when you start with safe, affordable, supportive housing, folks can thrive.”
Virginia Parker, Triangle market executive for Bank of America, said that it was important for businesses in the community to support affordable housing.
“There are so many individuals out there who cannot get to the traditional affordable housing opportunities because of a myriad of reasons whether it is because of illness — mental illness, physical illness — whether it’s because they have been incarcerated and have a record, whether because they have a bad rental record,” she said.
“We definitely need a multi-pronged approach, but the permanent supportive housing has got to be a fundamental part of that approach. And more is needed.”
How to donate
To make a donation to King’s Ridge, you can contact Hatley by phone at (919) 307-3435 or by email at mhatley@casanc.org.
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