City of Raleigh, NC
04/02/2025 | Press release | Distributed by Public on 04/02/2025 13:17
City Council Approves Bonds for Two Affordable Housing Projects
City Council approved a key step to support the building of Burrell Lofts and Tryon Flats, two new affordable housing projects in Raleigh.
To help pay for these projects, the Raleigh Housing Authority (RHA) has asked to issue bonds-up to $19 million for Burrell Lofts and up to $43 million for Tryon Flats. Council approval allows RHA to finance construction and create more affordable housing in Raleigh.
Burrell Lofts, located at 1400 Garner Road, will have 120 apartment units. It is being developed by Wallick Communities and was awarded $3,175,000 by City Council in April 2024 to help with development costs. Tryon Flats, located at 4020 Tryon Road, is being developed by Elmington Capital Group will have 220 apartment units. It has not received previous City funding.
A public hearing about the bonds took place on March 17, 2025.
Tax law allows government entities, like RHA, to issue special bonds called private activity bonds (PAB), to help develop affordable housing. While governmental bonds, such as those used to pay for roads or parks, require the issuer, or the City, to repay the debt, PAB work differently. The bond issuer, RHA is not required to repay the debt. Instead, the bond is secured and repaid by the proceeds of the affordable housing project.
Enabling financing for developers is another piece of the affordable housing puzzle, one of many supported by City Council and City staff.
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