Funding will support housing for very low-income households
Wake County is continuing its strong commitment to making housing more affordable by investing nearly $18 million into eight housing developments across the region. This major funding will help create and preserve 644 affordable homes for seniors, working families and individuals living on low and fixed incomes at a time when the need has never been greater.
“This is one of the largest affordable housing investments we’ve made in a single year,” said Safiyah Jackson with the Wake County Board of Commissioners. “We know housing is the foundation for health, safety and economic opportunity. When investing in our own neighbors, the seniors, working families and individuals who live right here in Wake County, we’re strengthening our entire community.”
These awards exceed Wake County’s goal of creating and preserving 500 units annually. The funding comes through Wake County’s 2025 Affordable Housing Development Program, which supports both Low-Income Housing Tax Credit and non-tax credit projects. A mix of federal and local dollars will support the following developments:
| Project | Location | Type | Tenure | Units | Wake County Loan |
| Heritage Park Senior Phase IB | Raleigh | Senior | Rental | 51 | $500,000 |
| The Canopy | Cary | Family | Rental | 51 | $655,000 |
| Abbey Spring | Apex | Senior | Rental | 56 | $1,470,000 |
| Fisher Grove | Raleigh | Family | Rental | 166 | $3,320,000 |
| Chapanoke | Raleigh | Family | Rental | 200 | $7,100,000 |
| Biltmore Hills | Raleigh | Family | Rental | 50 | $1,400,000 |
| Friendship Station | Apex | Family | For-sale | 8 | $480,000 |
| Grosvenor Gardens | Raleigh | Family | Rental | 62 | $2,650,000 |
| Total | - | - | - | 644 | $17,575,000 |
Wake County selected the top-ranked proposals through an evaluation process that considers criteria including ability to serve residents at the lowest income levels, long-term affordability and overall quality and feasibility.
Of the funded units:
- 208 homes will serve households making 50% or less of the area median income, or $61,150 a year for a family of four.
- 94 homes will serve households at 30% or less of the area median income, or $36,690 a year for a family of four.
- Most developments will remain affordable for 50 years or more.
Projects receiving funding will submit final applications for tax credits to the North Carolina Housing Finance Agency in May, with award announcements in August 2025.
To learn more about Wake County’s Affordable Housing Development Program, visit wake.gov/housing.
