Housing affordability is one of the biggest long-term challenges we face in Wake County. Earlier this month, our county commissioners made a bold and historic commitment to do something about the issue.
On June 4, county leaders approved the 2019 budget which contained about $15 million in new funds for affordable housing. This game-changing commitment will provide dedicated, recurring funding for housing affordability efforts and will have far-reaching implications for our fast-growing region.
As the Triangle’s largest nonprofit affordable housing developer, we’re optimistic about what this new $15 million commitment will mean for the residents of Wake County.
We have a recent, tangible example of what DHIC and Wake County can accomplish together to create affordable housing solutions. That example is called Pennington Grove.
Last month, we celebrated the completion of this 83-unit affordable apartment community in Garner, which the County helped to finance through its Affordable Housing Development Program. The apartments are reserved for seniors with limited incomes, all below 60% of the area median. Rents range from $355 to $785.
Considering that the greater Raleigh area has the second fastest growing senior population in the nation, and 60% of our seniors pay more than 30% of their income in rent, properties like Pennington Grove help meet an urgent and growing need in Wake County.
We are proud of the statement that Wake County made with this new budget. A safe place to live, along with access to essential services such as healthcare and transportation are basic needs we all desire and seek to secure.