Here is the proposed location.
“Obviously, if we were to sell it for full market value it would be impossible for someone to make it affordable.”
-Finally the city decided to incentivize a developer to make affordable housing besides forcing them to include it, or their project gets denied, which never truly creates affordable housing just less expensive luxury units.
This has been done a number of times, Toulon, Sumner Pointe, Sawyer Road, Capital Towers etc. etc. But this Community site seems to fixate on the rezonings of the shiny cases downtown while missing the other things. I get it, that’s more interesting, but not the whole picture. The whole program is geared towards helping developers get tax credits to create projects, or like East College Park - help provide the infrastructure so that builders can provide homes at an affordable price, the voluntary rezonings are just a small part of it.
It’s great (and understandable) that there was a lot of interest in this site. Until there’s another bond passed there this will be the last site of its size that the City owns for AH, especially within the beltline.
Edit:
Here are links to some of the documents I’ve referred to. Although the Affordable Housing Improvement Plan which has the good section about the NCHFA’s QAP is being rewritten and currently offline.
There’s also a NOFA out now for interested developers (scroll to bottom)
For anyone looking for information on the CDC’s eviction moratorium (in effect until end of year)
Learn more about the Affordable housing bond here.
Open in a Chrome incognito tab
Just FYI, this bond passed last night. Raleigh's $80 Million Affordable Housing Bond Passes in a Landslide - INDY Week
About time they did it! 
The N&O put up a good summary of the bond and other news on affordable housing (and other things that the feds have dropped the ball on, like transit) today. I always thought of it as an economic equity thing, so it was interesting to read about how it also helps older people who may want to move to the Triangle.
I found this interesting video that weaves together NIMBYist policies and poor job market growth. Do y’all think this applies to the Triangle too?
If you have a free account (or you know how to use uBlock Origin and get around their paywall), this video is a part of an even bigger hot take:
Whewwww not sure where to put this, but here comes a ton of slides from a Zonda housing report.
New Construction is becoming relatively more affordable as existing homes skyrocket.
Earnings up in Wake more so than Durham
All things considered - our job pool, stimulus, lower interest rates, etc. houses are actually more affordable now than they were pre-pandemic
No surprises here - Raleigh/Durham is 6th in immigration
Raleigh-Cary CSA crushing immigration with 12,565 new address requests according to the USPS in 2020.
Durham-Chapel Hill, not doing so hot, with a 1,240 address deficit in 2020. This is pretty raw data, but it’s safe to assume the relatively large student body population leaving college towns to be home with family is an emigration driver for DurChap.
In the process of building a house so I’ll give two cents - I think we’re going to see a shift toward buyers trying to scoop up more resales instead of new construction whenever possible. Obviously their efforts will be limited because of the number of people moving here far oversaturates how many resales are available. I say this because the cost of building materials has skyrocketed over the past year. We signed our contract in late October. Some of the new construction neighborhoods we looked at in August are almost 100K more than what they were 8 months ago. It will take longer for resales to catch up.
I’m not sure how / why their data doesn’t really show this. Maybe it doesn’t cover the last few months?
Gotcha, and congrats! Already framed?
From what I understand they are simply looking at gross/raw data and averages, and they certainly don’t have Q1 of '21 data, which has included another major lumber spike. As material costs have increased, perhaps that data isn’t captured in the “contract price” that is reported because it is handled as a change order, or addendum to contract. In some cases, I’m sure large builders are eating that delta on current contracts and factoring it into the pricing of their forth coming stock. Another thing to remember, new construction may have increased 20% in the last year at some price points (like $400k - $500k in the case of a $100k increase), but some existing neighborhoods have increased 100% since they last transacted - There’s nothing of decent quality in the low $200s in Wake County anymore, whereas just 3 years ago there was quite a lot.
Thanks. Just wrapped up framing last week.
Very good points, stuff they have data for, is only contracts that were made in the beginning of last year since most new construction neighborhoods now have a year waiting period. It’ll be interesting to see what this graph looks like a year from now.
Lumber theft has been an issue - glad you’ve made it through framing
I could imagine! Not much happens out in sleepy Wendell yet. But it’s definitely growing super fast, and of course becoming less affordable.
You were smart to build out there
Would have loved to be in town but crazy expensive for new build and not sure how much higher it can get. Plus cheaper and closer than Apex / holly springs. Plus much more accessible and easy to get downtown. The commercial component coming to Wendell falls also will give it surprisingly good walkability too so I’m pretty satisfied with the decision!
Congrats @atl_transplant
We built in the south Garner/Benson area. McGee’s Crossroads basically. Just moved in mid February. It’s crazy the market, even out here. When we signed our contract in July the neighborhood was one of the very few still starting in the “low $200’s.” By the time we closed they had to replace the signs for the neighborhood now advertising as “starting in the $300’s.”
Thanks! Even that area is still closer than parts of apex / holly springs and is much more affordable. I think they’ll start getting nice shopping centers and parks soon too
The City closed on a deal earlier today to purchase parts of 1920 New Bern Av. for public housing! Out of the 66 houses built there in 1949, the City’s housing authority bought 24 of the units in the east for a price not yet disclosed to the public.
The N&O article also mentions this…
…but two things aren’t very clear. What sort of help, specifically, are they giving current residents for the purchased plots of land? And is the city set on redeveloping the property into denser houses in the P3’s they’re talking about, or do they simply want to apply rent control there?
Certainly makes sense given BRT. Anyone have a quick map to compare BRT stops to this property?
The row of duplexes are on the southeast corner of an intersection where the Raleigh Blvd. stop is proposed. The left pin is where the outbound bus will probably stop:
As a friendly reminder, here’s the full New Bern corridor map:
Side note: while I was trying to find a map, I ran into a full version of the actual FTA Small Starts application that GoRaleigh sent to the FTA. This obviously lists where the Raleigh Blvd. stop is, as well as an overwhelming amount of other information. If anyone feels like taking a look at the amount of work that goes into getting federal funds, be my guest.
