Raleigh City Council to hear affordable housing presentation

RALEIGH, N.C. (WTVD) -- Raleigh City Council will discuss its affordable housing plan.

City leaders will hear a presentation about ongoing and future initiatives.

Designed to create and preserve more homes for the missing middle.

They have enlisted the help of Center for Public Enterprise to create a mixed income public development program. 

They are using successful programs from areas like Montgomery County, Maryland which is right outside of Washington DC and other places like Chattanooga, Tennessee.

According to the group, Raleigh can increase more affordable housing options through mixed income public development model and the city can do this through these three ways. 

A revolving loan fund to provide a portion of construction financing. Lower-cost permanent financing enabled by existing HUD and Treasury program and tax relief accessed via public ownership.

The group believes the city could have projects that are 70% market rate units and 30% affordable rate units. 

The council will review financial strategies and goals they can implement to maintain affordability.

In October, they approved a major financing step for Moore Square Apartments, to have more affordable apartments in the heart of downtown. 

Today's meeting starts at 4 p.m.