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Council clears two affordable housing moves: local approval for Triangle Square bonds and conditional gap funding for 15 Summit veterans project
Summary
Raleigh City Council authorized a local approval letter for predevelopment bonds for the Triangle Square project and approved a conditional commitment of gap financing for an 11‑unit supportive housing project for veterans at 15 Summit Avenue, both actions taken June 17.
Raleigh City Council on Tuesday approved two separate actions intended to move forward affordable housing projects in different parts of the city.
For the Triangle Square redevelopment, the council authorized the mayor to execute a local approval letter required by the Public Finance Authority of the State of Wisconsin. Housing and Neighborhoods staff said the developer, Triangle Town Center Holdings, has secured $9.3 million in Wisconsin‑issued bonds for predevelopment costs and needs the local approval so the state authority can issue the bonds. Annie Bauman Mitchell of Housing and Neighborhoods said the letter carries no financial obligation for the city.
"This letter would not require any obligation on behalf of the city for the project. It's simply to meet these statutory requirements set forth by the Wisconsin statute," Bauman Mitchell told council. Mark Tipton of the development team said the first phase will include 192 units and that the developments will target 60% of area median income.
The council voted to authorize the mayor to sign the letter.
Separately, council approved staff''s recommendation to make a conditional commitment of $941,000 in gap financing to CASA for an 11‑unit rental development on Summit Avenue that will serve veterans, with Operation Coming Home serving as a partner. Casa's proposal includes a mix of deeper affordability (4 units at 30% AMI, 4 at 50% AMI, 3 at 60% AMI) and relies on donated labor and material from Operation Coming Home to lower per‑unit costs.
"All 11 units will be dedicated to veterans," Cornelis Verkirk of CASA said. Operation Coming Home representatives described a long track record of donated construction and in‑kind contributions for veteran housing projects.
Council approved the conditional gap financing commitment and authorized staff to execute required loan documents, with the recorded vote in favor.
