Wake County to spend $18M to add and preserve affordable housing

Wake County is investing nearly $18 million into eight housing developments across the region as part of its commitment to make housing more affordable. The funding will help create and preserve 644 affordable homes for seniors, working families and individuals living on low and fixed incomes.

“This is one of the largest affordable housing investments we’ve made in a single year,” said Wake County Commissioner Safiyah Jackson. “We know housing is the foundation for health, safety and economic opportunity. When investing in our own neighbors, the seniors, working families and individuals who live right here in Wake County, we’re strengthening our entire community.”

The 644 homes will exceed Wake County’s goal to create and preserve 500 units annually. The funding comes through Wake County’s 2025 Affordable Housing Development Program, which supports both Low-Income Housing Tax Credit and non-tax credit projects.

A mix of federal and local dollars will support the following developments:

• Heritage Park Senior Phase IB (Raleigh) — $500,000
• The Canopy (Cary) — $655.000
• Abbey Spring (Apex) — $1.47 million
• Fisher Grove (Raleigh) — $3.3 million
• Chapanoke (Raleigh) — $7.1 million
• Biltmore Hills (Raleigh) — $1.4 million
• Friendship Station (Apex) — $480,000
• Grosvenor Gardens (Raleigh) — $2.6 million

Wake County selected the top-ranked proposals through an evaluation process that considers criteria including ability to serve residents at the lowest income levels, long-term affordability and overall quality and feasibility.

Of the funded units:

• 208 homes will serve households making 50% or less of the area median income, or $61,150 a year for a family of four.
• 94 homes will serve households at 30% or less of the area median income, or $36,690 a year for a family of four.
• Most developments will remain affordable for 50 years or more.

Projects receiving funding will submit final applications for tax credits to the North Carolina Housing Finance Agency in May, with award announcements in August 2025.

Wake County is projected to need 110,689 new homes to meet demand by 2029, according to a recent report commissioned by the NC Chamber Foundation in partnership with the North Carolina Home Builders Association and NC REALTORS.

Meanwhile, North Carolina is facing a five-year housing inventory gap of 764,478 units (322,360 rental units and 442,118 for-sale units).

Across the nation, there is estimated shortage of approximately 3.8 million to 7.2 million homes. Housing experts say the shortage stems from a combination of factors, including population growth, limited new construction and stricter land-use regulations.