The city of Raleigh is slated to add 200 affordable homes in a project funded by a combination of tax credits, city and county loans, and private investments.
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A public-private partnership led by Harmony Housing Affordable Development, Gilbane Development and F7 International Development is set to turn the land at 326 Chapanoke Road into a new residential community for households that earn between 30% and 70% of the area median income, The Raleigh News & Observer reported. 326 Chapanoke Road is next to Wake Tech's Public Safety Education Campus and public transit options.
The $93M affordable housing development will offer one-to-three-bedroom units. Construction is expected to be completed in early 2028, according to a press release from Gilbane.
The plans for the project took years to finalize, with constant coordination between Wake County, Raleigh and Wake Tech Community College to convert publicly owned land into affordable housing space, according to The News & Observer.
Wake County contributed the land for the development as well as $7.1M in gap financing. The financing included low-income housing tax credit equity from Greystone Real Estate Capital.
The project comes as the Research Triangle sees a period of rapid population growth, which is pushing housing costs higher and putting pressure on households with lower incomes. Last month, Livable Raleigh, a grassroots resident group, gave the city a poor grade in affordable housing, finding that the city is “not doing enough” to provide “for residents at every income level.”
The Chapanoke development is one of four new affordable housing projects that will create or preserve a total of 317 affordable homes across Raleigh, according to the city.
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