North Raleigh Today

The City of Raleigh's Housing & Neighborhoods Department has announced the availability of funds for affordable rental development. The funds, which amount to approximately $24 million, are aimed at qualified developers who can submit proposals for the construction, acquisition, and/or rehabilitation of affordable multifamily rental units.

The funds are sourced from local funding sources, including the 2020 Affordable Housing Bond, as well as federal HOME funds. The rental units that will benefit from these funds must be affordable to households with incomes at or below 80% of the Area Median Income (AMI).

Interested developers can find further details in the Notice of Funding Availability (NOFA) document provided by the City. The NOFA outlines application deadlines, schedules, and information about eligible projects. It is important to note that applications will only be accepted through the City's online application portal, Neighborly Software. Hard-copy or emailed applications will not be considered.

For those with questions or who would like to schedule a pre-submission meeting, Robin Reese, the Housing Programs Manager, is available to assist. She can be reached at robin.reese@raleighnc.gov or 919-996-6976.

This announcement presents a significant opportunity for developers looking to contribute to the affordable housing landscape in Raleigh. The availability of $24 million in gap financing demonstrates the City's commitment to addressing the affordable housing crisis and providing opportunities for low-income households.

In the words of the City of Raleigh's Housing & Neighborhoods Department, "The Rental Development Program aims to promote the creation of affordable rental units to ensure that individuals and families with low to moderate incomes have access to safe and decent housing options. We encourage qualified developers to take advantage of this funding opportunity and contribute to the growth and sustainability of our community."

Developers interested in applying should carefully review the NOFA document and ensure that their proposals align with the program's requirements. With the City's online application portal, Neighborly Software, providing a streamlined and efficient process, developers can submit their applications with ease.

The availability of these funds represents a crucial step forward in addressing the affordable housing crisis in Raleigh. By leveraging local and federal funding sources, the City is working towards creating a more inclusive and equitable community. As Robin Reese, the Housing Programs Manager, remarked, "We believe that everyone deserves a safe and affordable place to call home. These funds will help us further that goal and make a meaningful difference in the lives of our residents."

Interested developers are encouraged to act promptly and submit their applications within the designated timeframe. With the availability of $24 million in gap financing, there is a unique opportunity to contribute to the development of affordable rental units in Raleigh and make a positive impact on the lives of individuals and families in need.

To learn more, click on this link: https://raleighnc.gov/housing/news/affordable-rental-development-gap-financing-available