September 18, 2020
The $80 Million Raleigh Affordable Housing Bond will appear on the November 3, 2020 ballot. If passed, this bond will provide funding to help address housing affordability in the City of Raleigh and create more housing options for those with limited incomes and resources.
The bond will help advance the following five priorities:
|Bond Elements||Percent Allocation||Amount|
|Transit-Oriented Site Acquisition||20%||$16,000,000|
|Low Income Housing Tax Credit
|Owner-Occupied Home Rehabilitation||7.5%||$6,000,000|
|Down Payment Assistance||7.5%||$6,000,000|
One of the five bond elements is Low Income Housing Tax Credit gap financing. The Bond provides $24 million to support a higher percentage of affordable housing units within five years. Of DHIC’s 43 apartment communities, all 21 of the communities within the City of Raleigh (totaling 1,555 units) have been funded in part by the City. This bond could allow DHIC to receive more gap financing to advance future developments and provide more affordable apartments in Raleigh for households at 60% AMI and below. The bond would also provide the increased fund sources needed to serve those at 30% AMI.
If passed, the bond would allocate $6 million in support of down payment assistance to residents who have 80% of the average median income or lower. DHIC’s Homeownership Center (HOC) is Raleigh’s approved HUD counseling agency. The HOC Advisors work with clients to help connect them to the down payment assistance resources offered by the City of Raleigh. In 2019 alone, the HOC helped 121 families with the dream of homeownership and graduated 378 individuals from their “Bringing Home the Dream” workshop. Passing this bond could allow DHIC to assist more families and individuals in gaining wealth through homeownership, connecting them to valuable resources to aid in purchasing their first home.
We encourage you to learn more about how this bond will not only support DHIC, but the City of Raleigh, by visiting the weblink below. We hope you vote YES for the Raleigh Affordable Housing Bond on November 3rd.