Earlier this week, the city council voted to move forward with placing an $80 million affordable housing bond on the ballot when voters go to the polls November 3. What does this mean?
First some definitions —
Affordable housing, noun. ə-fôrdə-bəl houzĭng 1. Accommodation or dwelling places for which the occupants pay 30% of their income or less. 2. Homes which meet the criteria for low-income individuals to rent or purchase. 3. Collective government programs that subsidize housing costs for lower income residents.
Bond, noun. bŏnd 1. A bond issue is an item placed before voters by a local government, asking them to approve or deny specific allocations for funding or additional proposed spending. 2. General obligation bonds are backed by the local government and constitute public debt.
Now let’s do some quick math: the median home price within the City of Raleigh is currently $287,647 (monthly payments average ~$1,360) + the average household income is around $4,548 per month. The good news: the numbers shake out to an average housing cost of 30% relative to income (in other words, “affordable” by definition). But as our city’s population continues to grow rapidly, inventory decreases and prices go up.
• 51% said under $189,000 • 38% said $189,000-$250,000 • 10% said $250,000-$400,000 • 1% said $400,000+
So what will the bond do? The proposal aims to address housing disparity and vanishing inventory through various measures, including:
• Distributing investment projects equally • Constructing new units + rehabilitating existing units • Coordinating with Wake County to provide a range of housing types for varying income levels • Developing innovative partnerships • Programming for down payment assistance + first-time homebuyers • Providing gap financing and tax credits for the development of low-income housing
Use the links below to share this article with your friends, family, colleagues, significant others, and that person on your HOA who always wants to be in the know.
○ Wake County is currently hiring for multiple temporary positions to support ongoing COVID-19 response efforts in our community. Jobs include: contact tracing, epidemiology, nursing, administration, and logistics management. View the listings and out more about how to apply here.
Hey, there. Looking for today’s #MustDo events? In accordance with the
CDC’s recommendations regarding public gatherings, we have decided to postpone public event coverage for the time being. We look forward to bringing you Raleigh’s #MustDo events soon (until then, feel free to submit your virtual events
For the second election season in a row, Durham County’s Board of Elections has invited locals to submit designs for the “I voted” sticker that will be distributed to everyone who makes it to the polls during early voting and on election day.
This year, the county received 27 design submissions — and now, Durhamites get to vote. (It’s all very meta.) Check out the designs here and show support for your favorite.
Note: you must be eligible voting age (18+) and a resident of Durham County to participate.
#DYK that your photo could be featured in our newsletter? Just use #RALtoday on social media.
Weather ○93º | Mostly sunny | 10%chance of rain 🌤️ ○Wilmington and the Outer Banks saw heavy flooding yesterday, resulting from a cyclone 60 miles off the coast. Waterspouts (a.k.a. tornadoes over the water) were also reported. (The News & Observer)
Closed ○ High Horse chef Katsuji Tanabe announced Wednesday that the restaurant — which opened last November — has permanently closed. Katsuji cited his business partner’s reluctance to continue the venture in light of pandemic-related revenue losses as the reason for the decision. The closure results in 50 lost jobs. 🥘 (Triangle Business Journal)
NowOpen ○ Lafayette Village’s Driftwood Kitchen and Bar reopens today under a new name: Driftwood Cantina. The new concept will serve a Latin American-inspired menu, including tortillas made through the traditional method called nixtamalization. TryThis: loaded yucca fries + corvina steamed in banana leaf. 🌯
Art ○ The NC Botanical Garden is accepting artist applications for the 32nd annual Sculpture in the Garden event, which will be held September 13 through December 6. Entries are due this Monday, July 13. 🎨
Edu ○ Registration opens today for Wake County Public Schools’ virtual academy. This program is intended for families who do not feel comfortable sending their children back to school for in-person instruction during the Fall 2020 semester. Applications will be accepted through July 20. A one-semester commitment is required + a full-year commitment is recommended. 🎒
ForKids ○ We know a lot of people are missing out on our local parks programming this summer. If you haven’t already (or want to check on some fresh content), visit the Wake Parks From Home website for virtual education tools, resources, and fun online games. 🌳
TryThis ○ Raleigh Convergence’s New Neighbor Project will host two scavenger hunts this weekend — check the website for Saturday’s clues to the Raleigh-at-large hunt + Sunday’s hints for a self-guided tour of Southeast Raleigh. 🔍