Wake County approves $10.2 million in affordable housing

WAKE COUNTY, N.C. (WTVD) -- An announcement from the Wake County Board of Commissioners from this week touts the board's "efforts to expand affordable housing in our county."

A unanimous decision by the board approved $10.2 million in gap funding to finance 784 affordable housing units in Wake County.

"Housing is a basic need for everyone," said Wake County Board of Commissioners Chairman Greg Ford in a press release. "This was an easy decision for our board to make, and we look forward to seeing how these projects will help our community."

According to officials, it is too early in the process to identify where the developments will be.

Funding for the project will come from a mix of county and federal monies and Federal Low-Income Tax Credits administered by the North Carolina Housing Finance Agency.

In the press release, Wake County Commissioner Jessica Holmes said, "As our county has grown, so has the cost to live here, and the economic impacts of COVID-19 are making it even more challenging for some residents to afford to pay rent. It's critically important that we fund projects like these to give people who are struggling a path to safe, affordable housing."

Of the 784 units, nearly 300 will be tagged for families or people earning less than 50% of the area's median income. Another 300 units will be pegged for permanent supportive housing.

"Every single unit that we fund with County dollars is required to remain affordable," said Lorena McDowell, the county's affordable housing and community revitalization director. "So these units are earmarked. They're monitored and they will remain affordable. So every year, hundreds of units that we dedicate will remain affordable."

Per Wake County rules, an additional 10 percent of units must be designated for people in need of permanent supportive housing.