RALEIGH, N.C. (WNCN) — On Monday, the Wake County Board of Commissioners approved $3 million in funding for a new affordable housing development in Raleigh.
The South Creek Development, LLC project will bring 142 new apartments for the construction of 919 at Cross Link near the intersections of Cross Link and Rock Quarry roads. The new units will be set at affordable rates to families making less than the area’s median income.
“The 919 at Cross Link project represents a vital step forward in our mission to create thriving communities with housing opportunities for all,” said Shinica Thomas, Chair of the Wake County Board of Commissioners. “This development will not only provide much-needed affordable housing but also contribute to the health and vitality of our community. We are committed to seeing it come to fruition.”
The new units are near Interstate 40 and within a mile of community essentials such as grocery stores, barbershops and the Southgate Community Library.
The apartments will serve families at different income levels, ranging from 30% to 70% of the Area Median Income. The Wake County MAI is $117,000 for a family of four. Proposed rent including utilities range from $637 to $2,062 per month.
The approved $3 million loan will be allocated through Wake County’s Affordable Housing Development Program. Wake County estimates the total funding for the project is $43.2 million.