Wake County plans to bring hundreds of new affordable housing units

WAKE COUNTY, N.C. (WTVD) -- Wake County is working to bring hundreds of new affordable housing units to market, with a goal of especially helping baby boomers.

"A lot of baby boomers are retiring now, this is a national trend that we're 're seeing and we expect to see more of it," said Wake County Housing Director Lorena McDowell.

Wake is looking to build one bedroom to three bedroom apartments. Rent for some of the units will be as low as $500 a month.

"This year we've seen the deepest affordability we've ever seen before. The majority of these units are for 50% or below area median income, which is amazing," said McDowell.

Wake is hoping to invest $11.8 million dollars in six different projects.

The projects are:

1. $1,198,000 for Hampton Springs Apartments in Raleigh (56 affordable senior units)
2. $700,000 for Lake Haven Apartments in Raleigh (56 affordable senior units)
3. $4,000,000 for Birch and Branch Apartments in Raleigh (180 affordable family units)
4. $1,510,000 for Rose Park Manor Apartments in Cary (81 affordable senior units)
5. $2,700,000 for Knight's Court in Knightdale (78 affordable senior units)
6. $1,700,000 for Oak Grove Crossing Apartments in Rolesville (64 affordable family units)

A total of 515 new affordable housing units would be created. More than half of units would be helping senior citizens, who might be struggling to stay in Wake.

"They've probably lived here most their lives and this is their community, and not that they're retiring on a fixed income they likely can't afford to live here anymore because the cost around them has gone up and their income is going down," said McDowell.

The cost of creating affordable housing has increased significantly over the past few years.

McDowell says supply chain issues are leveling out, but not gone all together.

Construction costs are up 40% from 2019.

"That's a huge jump," she said. "We'll get less units, less bang for our buck. That being said, my team works really, really hard to work with these developers to be as creative as possible."

Wake's plan requires approval from a public agency and the request has been submitted.