Raleigh committee OKs loans for affordable housing

The City Council’s Budget and Economic Development Committee Wednesday approved funding for two affordable housing developments in key parts of the city.

Both sites are in Scatter Site Policy Priority Two. The Scatter Site Policy ranks areas of the city for affordable housing. Areas with little affordable housing are higher priority than neighborhoods already featuring multiple affordable units. Specifically, South and South East Raleigh tend to be less desirable for affordable housing than North Raleigh, where there is little affordable development.

Committee members approved a $750,000 loan for a DHIC development at 2904 Tryon Road. The community will have 48 family units ranging from one to three bedrooms.

In order to qualify for housing, residents will have to make between 30 and 60 percent of the area median income. Rents will range from $360 to $770.

The second project is by Evergreen Construction, which will build a 64-unit rental community for elderly residents who fall in the same income guidelines.

Rent will range from $325 to $675. The community of one- and two-bedroom apartments will be located near the new Wake Tech campus at 7505 Fox Road.

If the project is approved, the city will loan Evergreen $700,000.

The loans will still need to be approved by the full City Council at its May 7 meeting.