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CITY OF RALEIGH

ADOPTED CIP FY2017-FY2021

Housing

Funded Projects

FY 2017

FY 2018

FY 2019

FY 2020

FY 2021 5 Year Total

Homeowner Rehabilitiation

700,000

700,000

700,000

700,000

700,000

3,500,000

Rental Development

7,000,000

5,100,000

5,200,000

5,300,000

5,400,000

28,000,000

Loan Servicing

100,000

100,000

100,000

100,000

100,000

500,000

Transfer to Debt Service

400,000

400,000

400,000

400,000

400,000

2,000,000

Total

8,200,000

$

6,300,000

6,400,000

6,500,000

6,600,000

34,000,000

Revenue Sources

FY 2017

FY 2018

FY 2019

FY 2020

FY 2021 5 Year Total

Transfer from General Fund

5,700,000

5,800,000

5,900,000

6,000,000

6,100,000

29,500,000

Appropriated Fund Balance

2,000,000

-

-

-

-

2,000,000

Program Income

500,000

500,000

500,000

500,000

500,000

2,500,000

Total Revenues

8,200,000

$

6,300,000

$

6,400,000

$

6,500,000

$

6,600,000

$

34,000,000

$

Element Overview

City Council adopted the new Affordable Housing Improvement Plan in October 2015. The plan lays out

several strategies to increase the City’s supply of affordable housing and revitalize neighborhoods.

Despite previous efforts, the percentage of Raleigh’s households who are “cost burdened” has continued

to increase. For example, the City has nearly 32,000 households whose housing rent exceeds 30% of

their income. Over 16,000 households have rent costs exceeding 50% of their income.

Historically, the main funding source for the housing program has been bond proceeds and federal

grants. The FY2017 budget allocates one cent of property tax revenue to provide a permanent funding

source to expand the City’s affordable housing program. The majority of the funding will be used to

incentivize developers to build more affordable rental units. Over time, this will accumulate to significantly

more affordable rental opportunities for Raleigh’s families and individuals. Staff expects to increase

production of rental units by 100-150 units annually.

The CIP appropriates the proposed allocates one cent tax increase as well as program income from

previous projects.

Recent Accomplishments

Development and adoption of the Affordable Housing Location Policy and Affordable Housing

Improvement Plan.

Successful launch of 4% bond program.

Affordable housing preserved on three sites by CASA.

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