Tyria Bourda - Staff Writer
A new affordable housing development has been approved for Southeast Raleigh’s Parkside Apartments on Kent Road. Spearheaded by Blue Ridge Atlantic Development, the new apartments aim to provide much-needed housing opportunities for low-income families in the area. Developers expect to break ground on the project in June 2024.
Shinica Thomas, Chair of the Wake County Board of Commissioners, highlighted the project’s role in improving community life.
“This initiative aligns with our efforts to enhance community vitality and improve the quality of life for our residents,” said Shinica Thomas, Wake County Board of Commissioners Chair, in a press release.
The units will cater to families making up to 80% of the Area Median Income. The Wake County AMI is currently $117,000 for a family of four. Therefore approximately 45% of the units will serve very low-income households earning 50% of the AMI or less, including 10% of units targeting households earning 30% of the AMI or less.
Additionally, 10% of the units will be set aside for Wake County permanent supportive housing voucher clients, who are individuals or families needing support and financial assistance to live independently. Proposed rent and utility costs will be $637-$2,017.
Thus, in an effort to meet the urgent need for affordable housing, Wake County Commissioners approved a loan of more than $5.7 million to support 144 new affordable houses.
The $5.7 million loan will be allocated through Wake County’s Affordable Housing Development Program, which has played a crucial role in promoting affordable housing initiatives. In addition, the City of Raleigh is also contributing $6 million toward purchasing the land and leasing it back to the developer for a nominal fee.
Those commitments are contingent on the developer receiving Low-Income Housing Tax Credits from the North Carolina Housing Finance Agency. Currently, $49.3 million is estimated to be the total funding for this project.
“We recognize the urgent need for affordable housing options in our county, and the approval of funding for the Parkside Apartments project underscores our commitment to creating a community where every resident has access to safe and affordable housing,” said Shinica Thomas, Wake County Board of Commissioners Chair.
In the past year, Wake County’s Affordable Housing and Community Revitalization department has committed dollars to creating or preserving 3,766 affordable housing units, including Parkside Apartments. This includes 1,089 units affordable to households earning at or below 50% AMI, and 771 permanent supportive housing set-aside units.