Raleigh committed $6.35 million for two affordable housing developments along future bus rapid-transit lines.
It’s the latest step that the city is taking to create or preserve affordable housing along its transit lines.
The developers of the two apartment projects now have to apply for tax credits from the N.C. Housing Finance Agency. Those tax credits create a tax incentive to build affordable housing.
Local governments provide gap financing to help subsidize the cost of these developments. Wake County recently committed $10.3 million for six projects including the two in Raleigh.
The apartments would be for people making 30% to 80% of the area median income. In Raleigh, 80% of the AMI is $52,750 for one person; $75,300 for a family of four.
Raleigh recently bought a portion of Duplex Village along New Bern Avenue for future affordable housing.
New Bern Crossing
Developer: Greystone and Haven
Location: At New Bern Avenue and Instate 440 in Raleigh, near the future eastern bus-rapid transit line.
Units: 192 new units, with rents ranging from $418 for a one-bedroom to $1,180 for a three-bedroom.
Raleigh contribution: $4.25 million. Wake County is also contributing $2.25 million.
Thrive at Renaissance
Developer: Blue Ridge Atlantic
Location: At Chapanoke and Ileagnes roads in Raleigh near the future southern bus-rapid transit line
Units: 90 new units, with rents ranging from $468 for a one-bedroom to $1,325 for a three-bedroom.
Raleigh contribution: $2.1 million. Wake County is also contributing $150,000.