City-Owned Land to Become New Affordable Housing in Downtown Raleigh

More affordable housing is on the way to downtown Raleigh. City Council has approved a recommendation to partner with developer Local Post to bring 28 affordable rental homes to City-owned sites on the corner of East and Cabarrus Streets.

The project will provide affordable housing options for households earning 30-60% of the area median income (AMI). For a family of four, 60% AMI is $79,380. Of those 28 homes, eight of them will be set aside to for people with disabilities earning below 50% AMI.

Located in downtown Raleigh, the homes offer residents close proximity to jobs, public transit, grocery stores, pharmacies, healthcare services, and other everyday destinations.

To support the project, Council approved nearly $1.24 million in gap financing and a long-term land lease. These actions allow the project to move forward while ensuring the homes remain affordable for decades to come.

This project is another example of Raleigh's broader efforts to address housing affordability. The City's Affordable Housing Plan focuses on expanding housing choices, supporting affordable housing development, and helping more residents find safe, stable, and affordable places to live.

Projects like this help solve the affordable housing puzzle, one piece at a time.

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