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Business & Economy

Raleigh Voters Consider $80M Housing Bond

Apartment balconies in Raleigh, NC.
Brandon Griggs
/
Unsplash / creative commons

Voters in Raleigh are deciding on what would be the largest housing bond in the city's history. 

The city is proposing spending $80 million to build and sustain affordable housing.

Billie Redmond, a co-chair of Raleigh's affordable housing bond campaign, says this bond — the first in a nearly a decade — is urgently needed now.

"Providing housing will not be less expensive in the future. We should be compelled to pass this bond. To spend the money with care and good stewardship and impact those who have the greatest need in our community," said Redmond.

According to information shared on the City of Raleigh website, the housing bond priorities are:

  • Provide generally equal geographic distribution with project investments
  • Provide a range of housing types and income levels in coordination with Wake County
  • Include new units and rehabilitated units where financially viable
  • Seek innovative development partnerships
  • Seek projects and acquisition opportunities near planned transit routes like Bus Rapid Transit (BRT)

Critics say the bond won't do enough for residents with the lowest-incomes.

Sixty-eight million dollars would go toward buying property to build on, public-private partnerships, and gap financing. Six million dollars would be used for assisting current homeowners with repairs and another $6 million for helping first time home buyers with down payments.

Redmond estimates this bond could help build over 3,000 housing units. 

 

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