Adams-David Marchell City Manager at City of Raleigh Municipal Government | Official Website
Adams-David Marchell City Manager at City of Raleigh Municipal Government | Official Website
City Council has endorsed bonds for two affordable housing developments in Raleigh. The bonds will finance Burrell Lofts and Tryon Flats, with amounts up to $19 million and $43 million, respectively, as proposed by the Raleigh Housing Authority (RHA).
The approval allows the RHA to secure financial backing for these projects, aiming to increase affordable housing in the city. "City Council seeing that need and approving funds for this was huge,” said project developer Wallick Communities, who is working on the Burrell Lofts located at 1400 Garner Road. Burrell Lofts, containing 120 apartment units, previously received $3,175,000 from the City Council for development costs in April 2024.
Tryon Flats, being developed by Elmington Capital Group at 4020 Tryon Road, will feature 220 apartment units and has not sought prior city funding. The bond proposal was discussed during a public hearing on March 17, 2025.
Private activity bonds (PAB) allow government entities like the RHA to foster affordable housing growth. Unlike typical governmental bonds, these do not obligate the issuer to repay debt, as repayment comes from the project’s proceeds.
This financial strategy forms an integral part of the City Council's broader mission to support affordable housing solutions.
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