ABOUT The Bond
The Affordable Housing Bond
Voting YES to the affordable housing bond means we are building a better, stronger Raleigh for tomorrow and for generations to come. Raleigh’s future depends on ensuring that residents have access to a home that allows them to succeed in their pursuit of life, liberty, and happiness.
COVID-19 has highlighted the need for our essential workers to have better housing options.
The pandemic has exposed how essential workers increasingly have a difficult time finding safe and affordable housing – causing a disproportionate strain on these workers’ ability to keep their jobs.
The bond proposal culminates a lengthy citizen-led effort to address the critical needs for affordable housing across our city. The citizens committee recommended to the Raleigh City Council five major funding allocations including:
Transit-Oriented Site Acquisition
$16 million, this will fund equitable development around transit hubs across the city focused on affordable rental units
Owner-Occupied Home Rehabilitation
$6 million, community development program to assist homeowners to make repairs and renovations to their homes with loan forbearance and forgiveness
Down Payment Assistance
$6 million, offer down payment assistance to residents who have 80% of average median income or lower; focus on home programs near transit hubs, provide enhanced assistance to buyers who previously lived in the area
Public-Private Partnerships
$28 million, to uplift chronically homeless and low-income residents, plus regulatory incentives for new affordable rental developments and affordable home ownership opportunities
Low Income Housing Tax Credit Gap Financing
$24 million, supports a higher percentage of affordable housing units over next five years
INVESTING IN RALEIGH’S FUTURE
Voting YES means we are building a better, stronger Raleigh for tomorrow and for generations to come. Raleigh’s future depends on ensuring that residents have access to a home that allows them to succeed in their pursuit of life, liberty, and happiness.
If approved by voters, the affordable housing bond will give the City Council authority to raise property taxes. Utilizing the median value of a home in Raleigh is $255,744 the anticipated tax impact would be $20.07 per year to pay for the bond.