County seeks administrator to manage Housing Opportunity Fund
Wake County is stepping up to help affordable housing developers keep up in a competitive market. With an initial investment of at least $5 million, the County is creating the Housing Opportunity Fund, a new financing tool designed to help affordable housing developers expand housing choices for low-income Wake County residents.
“The Housing Opportunity Fund is a powerful tool that can help ensure every part of Wake County includes homes people of all incomes can afford,” said Chair Susan Evans with the Wake County Board of Commissioners. “It helps us invest strategically, so affordable housing isn’t just concentrated in a few areas but instead part of every community.”
Nearly 8,500 Wake County families pay more than half of their income on rent. Rising land prices and competition from market-rate developers make it tough for affordable housing developers to create more units, particularly in higher opportunity areas where land is more expensive.
The fund will provide site acquisition and gap financing loans to support affordable housing development in neighborhoods close to jobs, grocery stores, health care, education and transit. As a revolving loan fund, repaid loans can be lent back out to help even more projects. This new funding source is designed to help level the playing field and keep more affordable homes in the pipeline in all parts of Wake County.
While Wake County is contributing a minimum of $5 million to kick off the fund, it is looking for an administrative partner to raise additional private and philanthropic dollars as well as manage the fund on behalf of the County.
Interested organizations can submit a proposal by 2 p.m. on Wednesday, Oct. 8, 2025.
To submit a proposal, click here.
