Wake Board Approves Funding to Retain Affordable Raleigh Rentals

Also Approves $1.7 million for new units in Cary

The Wake County Board of Commissioners took action on two important housing projects today – approving a mixed-income family housing development project in Cary and investing additional funding to ensure rental rates at a Raleigh apartment complex will remain affordable for the next 32 years.

“These two projects demonstrate the multiple ways we can work to provide more affordable housing in our communities,” said Wake County Board of Commissioners Chair Shinica Thomas. “The more we can bring in new projects, while also preserving the units we already have, the more we’re able support the people working hard and raising families in our county.”

Hollenden Place Apartments in Raleigh
The Board unanimously approved modifying an existing loan to Passage Homes, a non-profit community development corporation, that provides an additional $17,500 to support the rehabilitation of Hollenden Place Apartments, located at 4801 Avenida del Sol Lane in Raleigh.

All of the units at Hollenden Place are reserved for households that earn 40% of AMI or less, which at this time, for example, is a family of three making less than $40,800. The majority is currently occupied by tenants earning less than 30% AMI.

The funding approved today will ensure that all units at this property continue to offer affordable housing to very low-income tenants by extending the original affordability period all the way through 2055.

Maynard Road Apartments in Cary
The Board also approved a loan of more than $1.7 million to support the construction of Maynard Road Apartments, a mixed-income family housing development to be located near the intersection of SE Maynard Road and Walnut Street in Cary.

This 126-unit property will include 64 units restricted to households earning 80% of the area median income and below, with 39 units for households earning 60% AMI or below. The property developer intends to maintain the rent for the remaining units at or near a level affordable to households earning 100% of the AMI.

Wake County will also require that 10% of the units be set aside for the county’s rental assistance voucher program, which provides long-term rental subsidy and intensive case management to some of Wake County’s most vulnerable residents.

The Board’s actions today support its community health and vitality goal of creating affordable housing opportunities and supporting efforts to end homelessness.

Press Release