Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Wake County says 5,449 affordable units created or preserved since 2019; pipeline large as federal funding remains uncertain
Summary
County housing staff told the Affordable Housing Committee the department has exceeded its strategic goals since 2019, with thousands of units in construction and pre‑construction. Officials said demand for gap financing far exceeds available local funds and noted uncertainty in federal grants and policy that could affect future production.
CJ Valenzuela, Wake County affordable housing development lending manager, told the Affordable Housing Committee that the county’s reimagined Affordable Housing Development Program has created and preserved 5,449 affordable housing units since 2019, exceeding the strategic goal set by the board.
The county’s rental portfolio includes 5,220 active units, 1,468 units under construction (1,168 expected within 12 months) and 1,704 units in preconstruction (1,099 scheduled to start by Q1 2026). CJ said 225 units have been preserved through the Wake County Affordable Preservation Fund’s acquisition bridge product. He told commissioners the department received more requests for gap financing than it could fund: in the most recent 2025 cycle the county funded 644 units while receiving more than 20 applications asking to finance more than 2,000 units and requesting over $40 million.
“Since the launch of our reimagined affordable housing development program in 2019 ... the housing department has created and preserved a total of 5,449 units,” CJ said. “Demand for our gap financing has increased every year.”
Why it matters: County staff…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
