It will be built at the former site of Milner Memorial Presbyterian Church on New Bern Avenue.
"Although the mission of the church as a church outreach will not go on, the mission to serve seniors of modest means will continue," said Tim Webster, with The Presbyterian Homes.
"It's obvious that all the neighborhoods close to downtown Raleigh have been seeing significant changes, and we're losing a lot of affordable housing in those neighborhoods," added Gregg Warren, the president of DHIC.
DHIC and The Presbyterian Homes are currently working together on renovations to the Capital Towers along Six Forks Road.
Recently, DHIC completed work on Washington Terrace Apartments, an affordable-housing development which includes a senior-citizen community.
"We want our seniors to be on the bus line, and be near places that are affordable so they can continue with their life," said Margaret Egerton, who lives there.
The facility includes a gym, library, and services coordinator to assist residents with paperwork. A staffer told ABC11 they hit capacity within a few months of opening, highlighting the need for more affordable housing options in the area.
"You want to do more than just pay rent or go to the doctor. And so that's all you do - pay rent and pay doctor bills. You want to be able to do other things." Egerton said.
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Zillow reports the median monthly rent in the Raleigh-area is $1300, up 1.7% from a year ago.
"I think there are a lot of seniors who are in East Raleigh who may even be interested in selling their homes, because realtors are knocking on their doors all the time. And yet, the next question is where are you going to go? And this will provide an option for those seniors to live close by to where they've lived in the past," said Warren.
Warren said they hope to break ground in 2022 and complete the project by 2023.