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Raleigh has $17 million available for rental development but received $55.5 million in requests, leaving 1,335 units unfunded
Summary
Housing staff reported $17 million available for rental development gap financing for FY25, funding six projects that produced 670 units while 11 competitive applications (about 1,335 units) were not funded; council asked whether unfunded projects could reapply.
City of Raleigh housing staff told the council the city has about $17 million available for rental development gap financing but received roughly $55.5 million in requests for fiscal year 2025, leaving a large unfunded pipeline.
Sadia Sitar, Budget and Management Services, relayed the housing briefing and introduced Emily Sutton,…
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