Raleigh Voters Approve $80M Affordable Housing Bond, Largest In City’s History
On Tuesday, voters in Raleigh overwhelmingly approved an $80 million affordable housing bond. The bond is the largest in the city's history and will go toward building and sustaining affordable housing.
Last month, Billie Redmond, a co-chair of Raleigh's affordable housing bond campaign, said this bond — the first in a nearly a decade — was urgently needed.
"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," Redmond said.
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 have argued the bond won't do enough for residents with the lowest-incomes.
Sixty-eight million dollars will go toward buying property to build on, public-private partnerships, and gap financing. Six million dollars will be used for assisting current homeowners with repairs and another $6 million for helping first time home buyers with down payments.
Redmond estimates the bond could help build over 3,000 housing units.