In 2016, the City of Raleigh set a goal to create or preserve 5,700 affordable housing units by 2026. That’s 570 units per year for 10 years. According to the Affordable Housing Annual Report, the City is running slightly behind schedule.
Since the creation of its 10-year affordable housing plan, the City has added or preserved 3,028 units — which is more than 50% of its goal. However, in the last fiscal year (July 1, 2021 to June 30, 2022), just 156 units were created or preserved for low- and moderate-income Raleighites. The City cites the pandemic, supply chain disruption, high material costs, labor shortages, and rising interest rates as the reason for slowed production.
Let’s zoom in to last year’s progress. The City bought an extended-stay hotel, renamed Studios at 2800, to create 116 more affordable units. The City supported 16 first-time homebuyers with their down payments and repaired or rehabilitated 16 homes. Additionally, eight homes were constructed and sold to low-income buyers.
In the upcoming fiscal year (now through June 2023), the City plans to focus on four key areas to advance its affordable housing priorities:
- Rental housing
- Neighborhood stabilization
- Public-private partnerships
Currently, there are 2,446 rental units in the pipeline, with five projects already under construction. To reach its goal, the City must construct or preserve 2,672 more units by 2026. Read the full report + find services.