The Wake County Board of Commissioners announced the approval of a loan for more than $5.7 million to construct 144 affordable apartment units on Kent Road.
The affordable family housing development, named Parkside Apartments, will be located just outside of downtown Raleigh.
Right now, the proposed rent and utility costs are between $637 and $2,017 per month.
Approx. 45% of the units will be held for households earning 50% of the area median income or less, which is currently $117,000 for a family of four in Wake County. Ten percent of those units will target households earning 30% of the AMI or less. Additionally, 10% of the apartments will serve Wake County supportive housing voucher clients.
“This initiative aligns with our efforts to enhance community vitality and improve the quality of life for our residents,” said Shinica Thomas, Wake County Board of Commissioners Chair, in a press release.
Local real estate development firm Blue Ridge Atlantic is heading the project which is set to break ground by June 2024.