Affordable housing is important to the City of Raleigh. City residents with stable housing have opportunities for career advancement. Housing affordability is key to a City's continued economic growth.
The City has set a goal of adding 5,700 affordable housing units in a 10-year period. The City’s efforts serve low- and moderate-income (LMI) individuals and families. The LMI income limits are set each year by the US Department of Housing and Urban Development.
The goal was established in 2016 and today we are well on our way to achieving that goal. The goal is achieved through different types of services. Those services are:
- Affordable rental apartments that are newly constructed or preserved.
- Homebuyer assistance provides helps low-to-moderate-income buyers with down payments.
- Rehabilitation programs are where homeowners receive forgivable loans to repair their homes.
- New single-family and townhome construction for low-to-moderate-income buyers.
We are happy to report that after 3 years of work, the City has completed approximately 1/3 of the 10-year goal. We have more work to do but we are making significant headway!