RALEIGH, N.C. (WNCN) — Raleigh City Council voted to allocate about $2 million to get people into affordable apartments and keep people in homes they already own.
Part of the money will be used to construct two new apartment complexes for low-to-moderate income people.
The future King’s Ridge project is located near Wake Med and Sunnybrook Road. The complex will contain 100 apartment units. Half will be set aside for people with disabilities and people experiencing homelessness. The remaining are expected to prioritize people who have a hard time being approved for an apartment because of things like eviction history or credit scores.
The project is a joint effort between the city and CASA, a nonprofit focusing on providing affordable housing.
While the city approved $8.5 million for the project in November 2021, staff found more funds were needed to lower a high-interest-rate bank loan needed for the project. Council approved an additional $1.5 million for the project Tuesday.
Council also approved to lease a plot of city-owned land back to a company who will develop a 119-unit affordable apartment complex. In October 2022, the city committed $5 million to the proposed Pines at Peach Road apartment project.
The city is also making progress with the Raleigh Home Revitalization Program. Stemming from the 2020 Affordable Housing Bond, the program would help pay for home repairs so seniors can stay in houses they already own.
Council has authorized a contract with a nonprofit to administer the program. The city approved a $1.86 million contract with Building Together of the Triangle Inc.
All three initiatives will prioritize projects near future Bus Rapid Transit routes.
“The homes have aged and the homeowners there have been there a number of years — some of them, I went to school with their children. So, I do know there is a big need there,” said Mayor Pro Tem, Corey Branch.