RALEIGH - The City of Raleigh’s Nov. 3 affordable housing bond passed with 71% of the vote. According to a press release, the result finalizes "a successful campaign represented by a diverse coalition of community stakeholders, businesses, and nonprofit leaders."  The release adds that the affordable housing bond, organized and led by the Raleigh Chamber of Commerce, highlights the broad support for this important issue among city leaders, businesses and voters.

Now passed, the bond will boost affordable housing options in Raleigh, providing much needed housing options to all citizens - including essential workers and first-time homeowners. The housing bond culminates a lengthy citizen-led effort to improve access to affordable housing city-wide.  

The $80 million affordable housing bond will boost housing options at a time when home stability and safety are particularly essential. The COVID-19 pandemic crisis has demonstrated that citizens need housing that is safe, close to their work, and part of the community. These citizens include teachers, healthcare workers, first responders, and grocery workers - all at a range of economic sectors that often exclude them from the Raleigh housing market.  

“We all are proud of our great city, and even more so today after the clear support to expand housing opportunities for all citizens.  Raleigh has always been a destination - for families, companies, and students to live, work, and learn,” said former Raleigh Mayor Charles Meeker, Committee co-chair. “This bond is an important step for our city’s future to help lift the quality of life citywide and to create new opportunities for drawing talent, building industries, and providing safe and fundamental homes for our essential workers.” 

Earlier this year, the citizens’ advisory committee recommended five major areas of focus for the bond allocation including: 

●        Transit-oriented site acquisition:  $16 million dedicated to fund equitable transit hubs across the city

●        Owner-occupied home rehabilitation:  $6 million for a program to assist homeowners with repairs and renovations - with loan forbearance and forgiveness

●        Public-private partnerships: $28 million to help chronically homeless and low-income residents with new affordable rental developments and/or home ownership opportunities

●        Low income housing tax credit gap financing:  $24 million to support a higher percentage of affordable housing units within five years

The Citizens Supporting Raleigh’s “Vote Yes for Affordable Housing Bond” campaign was organized and managed by a number of leading citizens from the business community, stakeholder community, and non-profit sectors. Citizens Supporting Raleigh is co-chaired by Billie Redmond, founder of TradeMark Properties, Housing Advocate Yvette Holmes, Raleigh REALTOR® Asa Fleming, and former Raleigh Mayor Charles Meeker. 

The affordable housing bond will give the City Council authority to raise property taxes, but the increase will be nominal. Based on the median value of a home in Raleigh at $255,744, the anticipated tax impact would be $20.07 per year to support the bond.

“Raleigh voters agree that a very limited tax increase averaging $20 per property is a small price to pay to help all of our city’s citizens have an affordable, safe place to call home,” said Citizens Supporting Raleigh Housing Advocate, Yvette Holmes.  “Voting YES for the affordable housing bond was a vote for Raleigh's future - and will go a long way to help our city and its citizens excel for future generations.”