Wake County secures nearly $5M in federal funding for affordable housing

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Tuesday, May 21, 2024
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WAKE COUNTY, N.C. (WTVD) -- Wake County has secured nearly $5 million in federal grants to help fund an action plan for affordable county housing, among other things.

According to a press release, Wake County commissioners recently approved the 2024-2025 Annual Action Plan. It outlined strategies and initiatives for not only affordable housing but also homeless services and community development in the county.

Chair Sinica Thomas of the Wake County Board of Commissioners said this approval complied with the requirements from the U.S. Department of Housing and Urban Development.

The department required the new action plan to receive federal funding. The plan includes approximately $4,976,931, according to the press release.

WATCH | Wake County commissioners sign off on affordable housing plan

These grants will allow the county to "continue our work to create and preserve 2,500 affordable housing units by 2029," Thomas said. "The funding will continue to boost our mission to make homelessness rare, brief and non-recurring."

Wake County announced that it will be included in the budget for the Wake County Housing Affordability and Community Revitalization Special Revenue Fund for the fiscal year 2024-25.

Other programs funded by the Action Plan

Community Development Block Grant

This helps fund affordable housing acquisition, rehabilitation, homeownership, public facilities, infrastructure and public services.

HOME Investment Partnerships Program

This is a grant for developing and rehabilitating affordable housing with a 25 percent local matching contribution

Housing Opportunities for Persons with AIDS

This helps support the housing needs of people living with HIV/AIDS and their families through short- and long-term rental assistance and supportive services.

Emergency Solutions Grant

This helps assist with rapid re-housing, homelessness prevention, emergency shelters and related services.