On Monday, April 19, the Wake County commissioners said they will spend $10.3 million for six potential affordable housing projects, and one of those is in Wake Forest.
The projects, which could create 626 affordable apartments, will have to be approved for tax credits by the N.C. Housing Finance Agency. Those tax credits give developers a tax incentive to build the rental housing for low- and middle-income people.
The Wake Forest project is called Villas at Wake Forest Crossing on two properties currently owned by Sarah Bridges and Donna Pace on a section of Wake Union Church Road just north of Jenkins Road. Halcon Companies would build the 62 apartments for seniors. Wake County would contribute $666,000 to the project. The combined lots, 4.88 acres, were rezoned for conditional residential mixed use in April 2018.
To qualify for the apartments, older people would have to have an income of 30 percent to 80 percent of the area’s median income. About half of the apartments countywide would be for people making 60 percent of the AMI, which in Wake County would mean an income of $31,921 for a single person or $45,600 for a family of four. Rents would range from $517 to $1,415 per month depending on the income and the size of the apartment. According to the North Carolina Housing Coalition, about one in four households in Wake County overall and 41 percent of renters pay more than 30 percent of their income on housing and utilities.
Developers like Halcon will apply in May and be notified in August if their projects are approved.
The other projects who could qualify are:
*AbbeySpring in Apex where Evergreen Construction could build 84 new units for seniors and the county would contribute $1.6 million.
*The Carrington in Zebulon where Connelly Development could build 72 new units for seniors and the county would contribute $775,000.
*Sportsmanship Crossing in Holly Springs where DHIC Inc. could build 124 new units for anyone who met the criteria and the county would contribute $4.95 million.
*Thrive at Renaissance in Raleigh where Blue Ridge Atlantic could build 90 new units for anyone who met the criteria and the county would contribute $150,000.
*New Bern Crossings in Raleigh where Greystone and Haven could build 192 new units for anyone who met the criteria and the county would contribute $2.25 million.
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