City Reaches Key Milestones to Advance More Than 300 Affordable Homes

Creating affordable housing takes more than construction. Before new homes can be built or existing communities can be preserved, project partners must secure financing and reach key milestones that move projects from planning to reality.

This summer, the City of Raleigh reached an important milestone by closing financing agreements for four affordable housing developments that will create or preserve 317 affordable homes across Raleigh.

Together, these projects represent more than $10.45 million in City investments and support housing for families, seniors, people in recovery, and residents experiencing or at risk of homelessness.

Chapanoke Apartments

The largest of the four developments, Chapanoke Apartments will bring 200 affordable homes to South Raleigh for households earning 30% of the Area Median Income (AMI), or $31,800 for a two-person household, up to 70% AMI, or $74,130. At least 40 apartments will be reserved as supportive housing for people with disabilities or experiencing homelessness, and 10 homes will be set aside for referrals through City-approved housing programs.

The project is a partnership between the City, Harmony Housing, and Wake County. In addition to the City's $4.5 million investment, Wake County is providing the land through a long-term ground lease and has committed additional funding to help bring the community to life.

Preserving Biltmore Hills

Affordable housing isn't only about building new communities. It's also about preserving the homes that have long been a part of the community.

Built in 1965, Biltmore Hills will undergo rehabilitation to preserve 50 affordable apartments for households earning 20% AMI, or $21,180 for a two-person household, up to 60% AMI, or $63,540. This development will also include housing for people with disabilities or those experiencing homelessness, helping to ensure that this long-standing community remains affordable for years to come.

Affordable Housing for Seniors

Iris Ridge will create 50 affordable apartments for adults age 55 and older at 2900 Creech Road. The community will serve seniors earning 20% AMI, or $21,180 for a two-person household, up to 80% AMI, or $74,100. Iris Ridge will include six supportive housing units for people with disabilities or experiencing homelessness.

Supporting Recovery Through Housing

At Healing Transitions' Women's Campus, Forward Together will add 17 apartments designed to support individuals in their recovery as they build long-term stability.

The community will provide affordable housing alongside recovery services, creating an environment where residents can continue their recovery journey while establishing permanent housing. The City's investment helps expand a unique housing option that addresses both housing and recovery needs.

Affordable housing developments like these are made possible through partnerships between the City, nonprofit organizations, developers, Wake County, and other public and private partners. By combining local funding with federal resources, tax credits, and private investment, Raleigh continues to expand housing opportunities across the city.

Learn more about the City's efforts to create and preserve housing affordability in our Affordable Housing Plan.