Raleigh Business and Community Leaders Kick off Affordable Housing Bond Campaign for Nov. 3 Vote
The $80 million bond aims to expand safe and affordable housing options, improve proximity to transportation, and help first-time homebuyers citywide.
RALEIGH – City of Raleigh community stakeholders, businesses, and nonprofit leaders have kicked off an affordable housing bond campaign that aims to provide better affordable housing options to all citizens – including essential workers and first-time homeowners. The bond, on this year’s Nov. 3 ballot, culminates a lengthy citizen-led effort to improve access to affordable housing in Raleigh.
The $80 million affordable housing bond will boost housing options at a time when home stability and safety are particularly essential. The COVID-19 pandemic crisis has demonstrated that citizens need housing that is safe, close to their work, and part of the community. These citizens include teachers, healthcare workers, first responders, and grocery workers – all at a range of economic sectors that often exclude them from the Raleigh housing market.
“Raleigh has always been a destination – for families, companies, and students to live, work, and learn,” said former Raleigh Mayor Charles Meeker, Committee co-chair. “This bond is an important step for our city’s future to help lift the quality of life citywide and to create new opportunities for drawing talent, building industries, and providing safe and fundamental homes for our essential workers.”
Earlier this year, the citizens’ advisory committee recommended five major areas of focus for the bond allocation including:
- Transit-oriented site acquisition: $16 million dedicated to fund equitable transit hubs across the city
- Owner-occupied home rehabilitation: $6 million for a program to assist homeowners with repairs and renovations – with loan forbearance and forgiveness
- Down payment assistance: $6 million for down payment assistance for Raleigh residents with 80% average median income or lower, and focused on programs near the transit hubs
- Public-private partnerships: $28 million to help chronically homeless and low-income residents with new affordable rental developments and/or home ownership opportunities
- Low income housing tax credit gap financing: $24 million to support a higher percentage of affordable housing units within five years
The Citizens Supporting Raleigh’s “Vote Yes for Affordable Housing Bond” campaign is being organized and managed by a number of leading citizens from the business community, stakeholder community, and non-profit sectors. Citizens Supporting Raleigh is co-chaired by Billie Redmond, founder of TradeMark Properties, Housing Advocate Yvette Holmes, Raleigh REALTOR® Asa Fleming, and former Raleigh Mayor Charles Meeker.
If approved by voters, the affordable housing bond will give the City Council authority to raise property taxes, but the increase will be nominal. Based on the median value of a home in Raleigh at $255,744, the anticipated tax impact would be $20.07 per year to support the bond.
For more information on the committee and to join in supporting the campaign, visit voteyesraleigh.com and follow us on Facebook @voteyesraleighnc, Twitter @voteyesraleigh, and Instagram @voteyesraleigh.