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Raleigh to build $93M affordable homes for low to middle income residents
The 326 Chapanoke Road project is slated to finish in early 2028 and will include one to three-bedroom units for households earning 30% to 70% of area median income.
Raleigh will add 200 affordable homes through a public-private partnership on land at 326 Chapanoke Road, with a total development budget of $93 million, according to Bisnow. The project, led by Harmony Housing Affordable Development, Gilbane Development and F7 International Development, will serve households earning between 30% and 70% of the area median income, offering one to three-bedroom units. The site is located near Wake Tech's Public Safety Education Campus and public transit options. Funding combines tax credits with city and county loans, along with private investment. Wake County contributed the land and $7.1 million in gap financing, including low-income housing tax credit equity from Greystone Real Estate Capital. Construction is expected to be completed in early 2028. The News & Observer previously reported the Chapanoke plans took years to finalize with coordination among Wake County, Raleigh and Wake Tech Community College, and the city says the development is one of four projects expected to create or preserve 317 affordable homes in Raleigh overall.