Wake County approves $10.3 million for future affordable housing developments
Wake County has committed to spending $10.3 million for six potential affordable housing developments on Monday.
The proposed developments are in five communities: Raleigh, Apex, Holly Springs, Wake Forest and Zebulon. Two are along future bus-rapid transit lines.
If all the projects are approved for tax credits by the N.C. Housing Finance Agency they will create 626 apartments. Tax credits create a tax incentive for developers to construct and renovate rental housing for low-income people.
The apartments would be for people making 30% to 80% of the area median income.
About half would be for people making 60% of the AMI. In Wake County, 60% of the AMI is $31,920 for an individual; $45,600 for a family of four.
The proposed rents would range from $517 to $1,415 per month depending on income level and size of the apartment.
Affordable housing developers who want tax credits will apply in May and will learn if their projects are approved in August after a competitive process.
About 1 in 4 Wake County households overall, and 41% of renters, are cost-burdened, meaning they pay more than 30% of their monthly income on housing and utilities, according to the N.C. Housing Coalition.
Here’s a look at the proposed developments:
Abbey Spring
Developer: Evergreen Construction
Location: West Williams Street near Olive Chapel Road, Apex
Units: 84 new units for seniors.
Wake County contribution: $1.6 million
The Carrington
Developer: Connelly Development
Location: Pony Road near West Gannon Avenue, Zebulon
Units: 72 new units for seniors
Wake County contribution: $775,000
Villas at Wake Forest Crossing
Developer: Halcon Companies
Location: Wake Union Church Road near Jenkins Road, Wake Forest
Units: 62 new units for seniors
Wake County contribution: $660,000
Sportsmanship Crossing
Developer: DHIC, Inc.
Location: Wake County-owned land between North Main Street and GB Alford Highway, Holly Springs
Units: 124 new units for everyone
Wake County contribution: $4.95 million
Thrive at Renaissance
Developer: Blue Ridge Atlantic
Location: At the intersection of Chapanoke Road and Ileagnes Road, Raleigh near the future southern bus-rapid transit line
Units: 90 new units for everyone
Wake County contribution: $150,000
New Bern Crossings
Developer: Greystone and Haven
Location: At the intersection of New Bern Avenue and Instate 440, Raleigh, near the future eastern bus-rapid transit line.
Units: 192 new units for everyone
Wake County contribution: $2.25 million