Raleigh Adds $5.6 Million to Keep 563 Affordable Homes Moving Across Four Developments
Raleigh's City Council approved $5.6 million in additional funding on October 20 to keep four previously funded affordable housing developments moving, covering 563 affordable homes. The awards are the city's second round of Rental Development funding, structured as gap financing after rising market-driven costs moved against already-approved projects. Preserve at Gresham Lake received the largest award at $2.7 million for 156 homes, with Fisher Grove, Duplex Village Redevelopment and Heritage Park 1A Family receiving the rest. Income targets span 20 to 80 percent of area median income, and the four projects include 123 supportive housing units, dozens of referral set-asides and 20 project-based voucher apartments. Duplex Village, built on city-owned land near the planned New Bern Avenue Bus Rapid Transit corridor, carries an affordability commitment of at least 80 years.