The Raleigh City Council on Tuesday, May 19, approved a referendum on a $203 million bond package, a measure that voters will decide on in November.
The proposal includes $101.5 million for affordable housing and another $101.5 million for transportation projects.
Unlike bonds in the past, this one is not tied to tax increases, according to city officials.
Affordable housing
The categories in which this bonus will be used are as follows:
- $ 57.6M: Housing development and preservation
- $ 10.4M: Homebuyer assistance and preservation
- $ 12M: Response to homelessness
- $ 21.5M : Development of large-scale projects
Related: Raleigh City Council commits to 250 affordable homes, but no agreement on $150 million bond
Transportation
The categories in which this bonus will be used are as follows:
- $ 51.1M Bus Rapid Transit (BRT) system and surrounding projects
- $ 40M Proposed plans for sidewalks, safety, and bicycle facilities
- $ 10M: Neighborhood transportation management programs and partnerships
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They advocate for a larger fund for affordable housing
Defenders of Affordable housing in Raleigh They said they will continue to pressure the city to increase investment, arguing that rapid population growth is displacing low-income residents.
“We understand that low-income people are being displaced from Raleigh at a very, very high rate,” said Stephon Whitley, lead organizer for the One Wake coalition. Enlace Latino NC .
One Wake had pushed for a $200 million incentive referendum exclusively for affordable housing.
“We understand the need for better transportation, roads, and things of that nature,” Whitley said. “We’re just trying to make sure that affordable housing is at the top of the priority list.”
According to data from the One Wake CoalitionThe affordable housing shortage in Raleigh increased from 17,000 units in 2020 to 37,000 in 2026. This represents an additional need of 20,000 units in just six years.
For her part, Emilia Sutton, director of the Department of Housing and Community Development, told the board that $101 million earmarked for affordable housing would be part of a broader financial structure that typically includes multiple sources of funding.
“Each project investment has what we call a kind of 'lasagna' of financing, different investments and tools that include private investment, as well as federal and county funds,” Sutton said.
Authorities noted that most housing projects rely on a combination of municipal, state, federal, and private funds, in addition to philanthropic contributions in some cases.
Also, Raleigh Mayor Janet Cowell said that the current amount allowed the bonus to not be tied to a tax increase for residents.
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