The city of Raleigh is looking at putting upwards of $20 million into proposals to entice developers to build housing that have lower rents and prices then normal as part of its affordability programs. The program dovetails what the federal government wants to do by putting the limited rent housing and houses in areas of the city that are not primarily low income.
The city would like this housing around proposed transit stations, areas with revitalization plans or downtown. Some the incentives could include loans to groups like Habitat for Humanity or forgivable loans to for the rehabilitation of homes in fast developing areas of the city.
East College Park is scheduled for improvements to utility lines and other infrastructure and the city may sell government owned residential lots for the development of new housing. The $20 million was part of bonds sale in 2011 but has yet to be used for its intended purpose. In the long run Raleigh needs to come up with a more permanent source of funds for the programs.
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