Wake County Board Greenlights $2.4M Loan for 55 Affordable Homes in Raleigh and Wendell

The Wake County Board of Commissioners has approved a $2.4 million loan for the construction of over 50 affordable homes. This initiative, led by Chair Shinica Thomas, aims to help low-income families in the community become homeowners. The homes will stay affordable for 20 years, even if sold, allowing more residents to buy a home in Wake County. Habitat for Humanity of Wake County will complete the construction by 2026.

Most of the new homes will be built in Raleigh's Old Poole Place, with five more in Wendell's Harris Street. These homes will stay affordable for 20 years after the first sale, making them accessible to low-income families.

Potential buyers can qualify for a 2% mortgage interest rate through a Habitat for Humanity program. They will not pay more than 30% of their monthly income towards their mortgage and must contribute 200 hours of volunteer work to help build the homes.

Buyers can also get down payment assistance through programs like the Federal Home Loan Bank Affordable Housing Program grants, NC Housing Finance Agency’s Self-Help Loan Pool program, and 0% deferred loans from Habitat for Humanity of Wake County.

Most homes will be affordable for families earning up to 80% AMI, or $90,604 a year for a family of four. Habitat for Humanity will reserve eight homes for families earning up to $45,320 a year. Interested parties can apply to buy a Habitat home through their official channels.

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